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Company News

DONG Energy has placed a milestone order with MHI Vestas Offshore Wind for the 450 MW Borkum Riffgrund 2 project in Germany. The record breaking order is the largest ever for MHI Vestas, demonstrating the markets’ confidence in the V164-8.0 MW as well as underlining the strong relationship with DONG Energy.

MHI Vestas Offshore Wind has received a 450 MW order from DONG Energy for the Borkum Riffgrund 2 project in Germany. The order for V164-8.0 MW turbines includes a five-year full-scope service contract with an availability guarantee, ensuring optimised performance of the wind power plant with maximum power output. The V164-8.0 MW turbines - rated with a capacity of 8 MW – will utilise MAX Power from the MVOW MAX Performance™ portfolio to be able to deliver a maximum output of 8.3 MW, further increasing the value for the customer.

The project will be delivered by MHI Vestas Offshore Wind and will not enter into the order backlog of Vestas Wind Systems A/S.
For more information, please contact:
Stewart Mullin
Director Marketing, Communication and Public Affairs
MHI Vestas Offshore Wind
Tel: +45 2246 1230
Mail: stmin@mhivestasoffshore.com

Based on preliminary reporting, Vestas upgrades the expectations for the 2016 free cash flow (incl. the acquisition of Availon Holding GmbH and excl. investments in marketable securities) to EUR 1,500m-1,600m compared to the previous expectation of minimum EUR 1,000m. The improvement is primarily driven by a strong order intake.

As earlier announced, the annual report for 2016 will be disclosed on 8 February 2017.

Vestas receives 29 MW repowering order in the United States

The order comprises 29 MW of V110-2.0 MW turbine components for repowering wind projects and is Vestas’ third repowering order in the U.S. in December.

The firm and unconditional order includes 29 MW of V110-2.0 MW turbine components that enable future repowering efforts within the customer’s operating wind project portfolio. The turbine components will be manufactured at Vestas’ Colorado factories with delivery expected in the beginning of 2017.

Repowering existing and aging wind projects with new technology is expected to increase over the coming years with repowering offering substantial returns from increased annual energy production and reduced operating costs.

“At Vestas we always look for ways to add value through collaboration and innovation in our technology and solutions. Vestas’ repowering solutions is an example of this and will be used to unlock even more value and performance from existing wind projects”, said Chris Brown, President of Vestas’ sales and service division in the United States and Canada.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Transactions in connection with share buy-back programme during the period 27-30 December 2016, completing the programme

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 27-30 December 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

27 December 2016

35,300

439.35

15,509,207

28 December 2016

24,827

446.41

11,082,907

29 December 2016

24,561

448.09

11,005,593

30 December 2016

23,219

458.00

10,634,374

Accumulated under the programme

6,047,790

493.40

2,984,004,913

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Vestas receives 131 MW order in the United States

The firm and unconditional order includes 50 V110-2.0 MW turbines for an undisclosed project and an additional 31 MW of 2.0 MW compatible turbine components to enable future project pipeline. The order includes supply and commissioning of the wind turbines. Nacelles, blades, and towers will be produced at Vestas’ Colorado factories.

“The wind energy market remains strong in the U.S. This order will enable hundreds of MW of projects in the next four years that will generate hundreds of millions of dollars in economic benefits to the rural communities that host these wind projects. In addition, the order will support long-term jobs in turbine manufacturing, and project construction and operation”, said Tristan Grimbert, President and CEO of EDF Renewable Energy.

“We are pleased to add to our portfolio with EDF Renewable Energy and we look forward to partnering with them again to deliver more cost-competitive wind energy to rate payers throughout the U.S.”, said Chris Brown, President of Vestas’ sales and service division in the United States and Canada. “The U.S. wind industry is playing a major part in the revitalization of the American manufacturing economy and supports over 500 factories in 43 states that employ 21,000 people in the manufacturing of the major wind components and wind-related parts and materials”.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 42 MW order in Brazil

The order takes Vestas to more than 1.5 GW of installed and under construction wind capacity across five states in the Brazil.

Vestas has received a firm an unconditional order for 21 V110-2.0 MW wind turbine for the Cabeço Vermelho I and Cabeço Vermelho II wind park to be located in Rio Grande do Norte. The order placed by Gestamp Eólica Brasil S.A. comprises the supply and installation of the wind turbines as well as a 10-year full-scope Active Output Management 4000 (AOM4000) service agreement in order to maximise output.

“Gestamp has been a great partner through these years and also the Vestas customer who received the first nacelle produced at our facility in Ceara, certified by FINAME II. We are very lucky to share with a high level customer such as Gestamp, our roadmaps, new project ideas and opportunities”, says Rogério Zampronha, General Manager for Vestas Brazil.

The turbines will be produced in Brazil with delivery planned to begin in the fourth quarter of 2017, whilst commissioning is expected for the second quarter of 2018.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives order for first project in China using its 3 MW platform

Huadian places order for seven V117-3.45 MW turbines for a project in China’s Fujian Province.

Vestas will supply turbines and supervise installation for the Qingyu project, located in Shapu Town of Fuqing City. The firm and unconditional order also includes a two-year Active Output Management 4000 (AOM4000) service contract, in which Vestas guarantees a defined level of availability and performance as well as a SCADA VestasOnline Business system for data-driven monitoring and preventive maintenance.

“This project will be the first in China to utilise turbines from the Vestas 3 MW platform, which offers industry-leading versatility and cost of energy”, said Chris Beaufait, President of Vestas Asia Pacific and China. “Through our experience from other projects in Fujian and the 3 MW platform’s proven global track record, we are confident the project will deliver strong performance to Huadian under harsh wind conditions that include typhoons”.

Delivery of turbines is expected in the second quarter of 2017, with commissioning scheduled for the second half of the year.

Vestas introduced the 3 MW platform in 2010 and has since then installed more than 11 GW of 3 MW turbines all over the world, making it one of the most proven platforms globally.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas secures 117 MW in Brazil

The order for the Ventos da Bahia – Phase 2 wind park adds to Vestas’ growing presence in the country despite the market slowdown in 2016.

EDF EN do Brasil has placed a firm an unconditional order for the 117 MW Ventos da Bahia – Phase 2 project to be built in the northeastern state of Bahia. Once finalised, the wind park will take Vestas’ installed capacity in Bahia to 700 MW.

The order includes supply and installation of 53 units of V110-2.0 MW turbines that will be manufactured in Brazil in accordance with the FINAME local content rules of BNDES. A 15-year full scope Active Output Management 4000 (AOM4000) service contract is also included in the contract.

Wind turbine delivery is planned to begin in the first quarter of 2018, whilst commissioning is expected for the third quarter of 2018.

“EDF-EN is a strong partner that chooses the best and most reliable technology, and their choice of our V110-2.0 MW turbine is a testament to that turbine’s unparalleled track record. We look forward to delivering the project and strengthening the partnership with EDF-EN”, said Rogério Zampronha, General Manager for Vestas Brazil.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 30 MW order in the United States

The firm and unconditional order enables future project pipeline and includes supply and commissioning of the wind turbines.

“Avangrid is a leader in the deployment of wind energy in the U.S. and Vestas is pleased to work with them to deliver even more reliable, low-cost wind energy in North America”, said Chris Brown, President of Vestas’ sales and service division in the United States and Canada.

Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. (NYSE: AGR) and part of the IBERDROLA Group. Avangrid Renewables, LLC is headquartered in Portland, Ore., and has more than $10 billion of operating assets totaling more than 6,000 MW of owned and controlled wind and solar generation in 20 U.S. states.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 21 MW order and 10-year service contract in Ukraine

Vestas successfully re-starts market activities in Ukraine with an order from Karpatenwind LLC for 6 V126-3.45 MW.

The firm and unconditional order comprises supply and commissioning of the wind turbines as well as a 10-year full-scope Active Output Management 4000 (AOM4000) service agreement. The wind turbines will be installed at Staryi Sambir in the Lviv region in western Ukraine. Wind turbine delivery and commissioning is planned for the second quarter of 2017.

“We partnered with Vestas in 2012 to develop the Staryi Sambir 1 project and are pleased to continue our collaboration with Vestas in Ukraine. For our new wind power plant Staryi Sambir 2 we once again choose Vestas, because they have proven to be a strong partner with the necessary technology, experience and reliability to develop a market like Ukraine”, says Maksym Kozytskyy, Director of Eco Optima LLC, mother company of Karpatenwind LLC.

“Eco Optima LLC is one of the key players in the wind energy sector in Ukraine and we are therefore pleased that they once again show full confidence in the business case certainty and the quality of the technology and service we offer”, states Nils de Baar, President of Vestas Central Europe. “We are determined to contribute to the overall growth of renewable and green energy production in Ukraine”.

For more information, please contact:
Christina Buttler
Communications Partner
Tel: +49 40 46778 5153
Mobile: +49 (0) 160 90141736
Email: chbut@vestas.com
About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 140 MW order in the United States

BHE Renewables, an affiliate of Berkshire Hathaway Energy, has placed a firm and unconditional order for 140 MW of V110-2.0 MW turbine components that enable future project pipeline.

The turbines add to Vestas’ growing portfolio with BHE Renewables and will be manufactured at Vestas’ Colorado factories.

“This order grows our portfolio with BHE Renewables and we are proud of the continued trust they show Vestas. We look forward to working together with BHE Renewables to deploy more low-cost reliable wind energy in the U.S.”, said Chris Brown, President of Vestas’ sales and service division in the United States and Canada.

Vestas and BHE Renewables announced their first order in 2015, with the 400 MW Grande Prairie project. Grande Prairie is the largest wind project in Nebraska and recently achieved commercial operation.

Berkshire Hathaway Energy owns one of the largest renewable energy portfolios in the U.S., with BHE Renewables overseeing the unregulated renewable energy portion of their portfolio. Berkshire Hathaway Energy also owns a portfolio of other energy businesses including the utilities PacifiCorp, MidAmerican Energy Company, and NV Energy.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 30 MW order and 20-year service contract from citizen-owned wind power plant in northern Germany

Vestas has received an order for a repowering project consisting of nine V117-3.45 MW turbines from Bürger-Windpark Lübke-Koog Nord GmbH & Co.KG

The firm and unconditional order comprises supply and commissioning of the wind turbines as well as a 20-year full-scope Active Output Management 5000 (AOM5000) service agreement. The wind turbines will be installed at Friedrich-Wilhelm-Lübke-Koog in Schleswig-Holstein, close to the North Sea. The project is a repowering project and replaces thirteen V80-2.0 MW turbines. Wind turbine delivery and commissioning is planned for the third quarter of 2017.

Lübke-Koog has a long tradition of citizen-owned wind power plants and is home of the first citizen-owned wind park in Germany, installed in 1991. After the repowering project is completed, 95% of all citizens of Lübke Koog will be participating in the project.

“We are very proud of this high participation rate, which creates a strong local support for wind energy. The wind power plant will make an important contribution to regional value creation through tax revenue and donations, supporting local cultural and social activities”, says Arne Möbest, General Manager of Bürger-Windpark Lübke-Koog Nord. “We are working with Vestas since 2004. Vestas has proved to be a strong partner with an excellent service offering and technically reliable wind turbines”.

“We are very pleased that our long-term customer, Bürger-Windpark Lübke-Koog Nord GmbH & Co. KG, has chosen the V117-3.45 MW turbine, one of our top performers for high-wind sites, for this lighthouse citizen-owned wind farm in Northern Germany”, says Nils de Baar, President of Vestas Central Europe. “This choice reflects the strong sense of partnership that exists between our two companies”.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas secures order for 43 MW in the United States

Vestas has received a firm and unconditional order for 43 MW of turbine components that enable future project pipeline.

The order includes components compatible with a variety of turbines across the 2 MW and 3 MW platforms that enable future project pipeline, with multiple components produced at Vestas’ Colorado factories.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas wins first orders in Honduras

The firm and unconditional orders total 59 MW of V117-3.45 MW turbines and are Vestas’ first in Honduras.

Both orders are Engineering, Procurement and Construction (EPC) contracts that include the supply and installation of the wind turbines as well as the electrical and civil works, substation, and access roads. Additionally, a 15-year full-scope service agreement (AOM 5000) will ensure optimal performance of the wind turbines.

Honduras is the second new market for Vestas in 2016, underlining Vestas’ unparalleled and expanding global reach. Turbine delivery is planned for the first quarter of 2017, while commissioning is expected for the fourth quarter of 2017.

“Supplying wind turbines and service solutions are only part of our business, and getting these two Engineering, Procurement and Construction contracts in Honduras, which becomes Vestas’ second new market in 2016, demonstrates Vestas’ ability to meet customers’ wind energy needs anywhere in the world”, highlights President of Vestas Mediterranean, Marco Graziano.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Transactions in connection with share buy-back programme during the period 20-26 December 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 20-26 December 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

20 December 2016

36,000

432.44

15,567,937

21 December 2016

35,500

437.33

15,525,180

22 December 2016

35,500

442.24

15,699,520

23 December 2016

100,000

439.18

43,918,440

26 December 2016

-

-

-

Accumulated under the programme

5,939,883

494.25

2,935,772,833

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Vestas wins 89 MW EPC project in Jordan

The order includes 27 V126-3.3 MW turbines for the second largest wind park in Jordan and will take Vestas’ installed capacity in Jordan to more than 200 MW.

Korean Electric Power Corporation (KEPCO) has via Fujeij Wind Power Company placed a firm and unconditional order for 27 V126-3.3 MW wind turbines to build the Fujeij wind farm in Al Shobak, Governorate of Ma'an, Jordan.

In addition to turbine installation and a 20-year full-scope Active Output Management 5000 (AOM5000) service agreement, the Engineering, Procurement and Construction (EPC) contract also includes the engineering, civil and electrical works to connect the power plant to the grid.

“After long gestation period, we both are able to see this project finally start to come true. Taking this opportunity, we, KEPCO and FWPC would like to deliver our sincere gratitude to Vestas for its endless efforts and cooperation. Further, being so proud of having Vestas as EPC contractor for this project, we would like to extend both companies’ partnership to other domestic or overseas wind projects”, says CEO of FWPC, Dongill Chung.

“After successfully executing the 117 MW Tafila wind power plant last year, we are extremely pleased that KEPCO relies on us to fully develop Jordan’s second largest wind farm. The Fujeij turnkey project confirms Vestas’ EPC and long-term service capabilities as well as our growing presence in the Middle East”, says President of Vestas Mediterranean Marco Graziano.

Wind turbine delivery is planned to begin in the fourth quarter of 2017, whilst commissioning is expected for the third quarter of 2018. The V126-3.3 MW turbine’s 126 meter rotor is equipped with light structural shell blades that ensure greater wind energy capture in areas with low-to-medium wind speeds, which are characteristic for Jordan.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 154 MW order in the United States

With reference to Vestas Wind Systems A/S’ company announcement No. 22/2016 of 17 June 2016, Vestas has received a firm and unconditional order from MidAmerican Energy Company (MidAmerican), a subsidiary of Berkshire Hathaway Energy, for 154 MW of V110-2.0 MW turbines.

The turbines will be manufactured at Vestas’ Colorado factories with expected delivery in 2017. The order includes supply and commissioning of the wind turbines as well as a five-year Active Output Management 5000 (AOM5000) service agreement: Vestas’ full-scope service package maximizing uptime and energy production.

"Wind helps energy prices stay stable and more affordable for customers, while providing significant economic benefits for local communities and the state of Iowa”, said Chris Brown, president of Vestas’ sales and service division in the United States and Canada.

MidAmerican Energy Company, a subsidiary of Berkshire Hathaway Energy, is the largest regulated utility owner of wind energy in the United States. With the investment in Wind XI, the utility will generate 85 percent of its retail load from wind.

Potential future order intake under the 2,000 MW Wind XI project is expected to occur as partial deliveries under the master agreement and will be announced firm and unconditional consistent with Vestas’ order announcement policy.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives first repowering order in the United States

Vestas has received a firm and unconditional order for its first repowering project in the United States. The order includes 29 MW of V110-2.0 MW turbine components that enable future repowering efforts within the customer’s operating wind project portfolio. The turbine components will be manufactured at Vestas’ Colorado factories and will be delivered beginning in 2017.

Repowering existing and aging wind projects with new technology is expected to increase over the coming years with repowering offering substantial returns from increased annual energy production and reduced operating costs.

“The scale of technological innovation in our turbines in the last five years is breathtaking, and has reduced the cost of wind energy by 66 percent” said Chris Brown, President of Vestas’ sales and service division in the United States and Canada. “At Vestas we look for ways to add value through long-term collaboration and innovation in our technology and solutions. We’re pleased that these solutions will be used to repower existing assets and unlock even more value and performance from the fleet".

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas awarded its largest onshore order to date in UK

The firm and unconditional order from SSE is for the Stronelairg wind farm located in Scotland, which will consist of 66 wind turbines totalling 228 MW. When constructed, Stronelairg will be Vestas’ largest onshore wind project to date in the UK.

Emphasising the flexibility of Vestas’ turbine portfolio, the order consists of 53 V117-3.45 MW and 13 V112-3.45 MW turbines. The tip heights of the turbines will be 135m and 125m respectively.

The combination of V117 and V112 turbines will optimise the site’s energy production and lower the cost of energy through the optimal use of larger rotor turbines, ensuring a high capacity factor.

“We are pleased to take another significant step on the Stronelairg project and look forward to working with Vestas to deliver a world class development. Stronelairg wind farm is a carefully designed project which will bring significant benefits to the local and wider UK economy”, says Mike Seaton, Director of Development at SSE.

Klaus Steen Mortensen, President of Vestas Northern Europe, adds: “SSE is a key player in the UK market and we are delighted to be partnering with them for the Stronelairg project. Not only will it be our largest onshore wind project in the UK, the order underlines the versatility and competitiveness of Vestas’ wind turbines in the UK market”.

The contract includes supply, installation and commissioning of the wind turbines as well as a 20-year Active Output Management 4000 (AOM4000) full scope operations and maintenance agreement. Delivery of the first turbines is planned for the third quarter of 2017, with commissioning completed in 2018.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

First Vestas V136-3.45 MW turbine successfully installed, Power Optimised Modes up to 3.6 MW released

Development of Vestas’ V136-3.45 MW is progressing to plan with the first turbine having now been installed and the first produced kWh expected before year-end. Vestas further enhances turbine output with release of Power Optimised Modes up to 3.6 MW.

As part of the development and verification process for the V136-3.45 MW turbine, Vestas recently installed the first turbine at the Østerild national test center for large turbines in northern Denmark. The turbine will undergo an extensive test and verification programme before commencing full-scale production, expected in second half of 2017.

Since introducing the V136-3.45 MW in September 2015, Vestas has added a number of upgrades to the design of the V136-3.45 MW and today adds Power Optimised Modes up to 3.6 MW to the turbine. Depending on site-specific conditions, this can increase annual energy production by a further 2.5 percent. Other upgrades include the 166m tall Large Diameter Steel Tower (LDST) and an expansion of the turbine’s operational envelope to include medium wind (IEC IIB) conditions.

“The successful installation confirms that we are on track towards full-scale production of the turbine. The bigger rotor, taller tower, and advanced aerofoil blade design make the V136-3.45 MW a very strong offering for customers across low and medium wind sites, and the new Power Optimised Modes further drives down the levelised cost of energy”, says Anders Vedel, Executive Vice President for Technology and Service Solutions.

In addition to Europe, the V136-3.45 MW turbine will be manufactured in China to leverage the continuous supply chain localisation in China for the global supply of the 3MW platform.

Vestas has installed more than 11 GW of 3 MW turbines in 33 countries across six continents and received the first order for the V136-3.45 MW turbine in December 2015 for the 117 MW Metsälä wind power project, Finland’s largest when completed.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 24 MW order in South Korea

The order was placed by GS Yeongyang Windpower Co. Ltd. and includes seven V112-3.45 MW turbines for the Yeong Yang Stage 2 Wind Farm project.

Located in YoengYang County, the project is a supply and supervision contract and follows the successful 59.4 MW Yeong Yang (Stage 1) project supplied by Vestas, which achieved commercial operation in 2015. The order also includes a 10-year Active Output Management 4000 (AOM4000) service contract, in which Vestas guarantees a defined level of availability and performance as well as a SCADA VestasOnline Business system for data-driven monitoring and preventive maintenance.

“We are very pleased to be working with Vestas again. We have now experienced first-hand the high quality equipment and service that Vestas provides and look forward to our continued co-operation on this next project”, said Mr. Ki-Hwan Kim, Representative Director of GS Yeongyang Windpower.

“Vestas is the leading wind turbine supplier in South Korea where our 3 MW platform’s versatility and proven performance make it well-suited to the market’s challenging wind conditions. The order strengthens our relationship with GS, and we thank them for their continued trust in Vestas”, said Gerard Carew, Vestas Head of Sales & Business Development, Asia Pacific.

Installation and commissioning of the turbines is planned for the fourth quarter of 2017.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Transactions in connection with share buy-back programme during the period 13-19 December 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 13-19 December 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

13 December 2016

97,371

406.30

39,562,090

14 December 2016

52,500

409.28

46,583,792

15 December 2016

40,000

423.68

16,947,344

16 December 2016

78,000

428.77

33,443,982

19 December 2016

95,000

428.28

40,686,676

Accumulated under the programme

5,732,883

496.27

2,845,061,756

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Vestas secures order for 42 MW in the United States

Vestas has received a firm and unconditional order totaling 42 MW in the United States with multiple components being produced at Vestas’ Colorado factories.

“Low-cost domestic wind energy brings substantial economic benefits to ratepayers and the communities that host these projects including long-term secure jobs in the manufacturing, construction and operations of these projects”, said Chris Brown, President of Vestas’ sales and service division in the United States and Canada.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 153 MW order in the United States

Largest utility owner of wind energy in the U.S., MidAmerican Energy, orders 153 MW of V110-2.0 MW turbines as part of the 2,000 MW Wind XI project in Iowa.

With reference to Vestas Wind Systems A/S’ company announcement No. 22/2016 of 17 June 2016, Vestas has received a firm and unconditional order from MidAmerican Energy Company (MidAmerican), a subsidiary of Berkshire Hathaway Energy, for 153 MW of V110-2.0 MW turbines.

The turbines will be manufactured at Vestas’ Colorado factories with expected delivery in 2017. The order includes supply and commissioning of the wind turbines as well as a five-year Active Output Management 5000 (AOM5000) service agreement: Vestas’ full-scope service package maximizing uptime and energy production.

“By employing wind energy, the Wind XI project will bring clean, domestic, low-cost energy to MidAmerican customers as well as hundreds of millions of dollars in economic benefits to Iowa communities and long-term American jobs through the manufacturing, construction, and operations of Wind XI”,said Chris Brown, President of Vestas’ sales and service division in the United States and Canada.

MidAmerican Energy Company, a subsidiary of Berkshire Hathaway Energy, is the largest regulated utility owner of wind energy in the United States. With the investment in Wind XI, the utility will generate 85 percent of its retail load from wind.

Potential future order intake under the 2,000 MW Wind XI project is expected to occur as partial deliveries under the master agreement and will be announced firm and unconditional consistent with Vestas’ order announcement policy.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Norther N. V. (Eneco/ Elicio) has taken Final Investment Decision (FID) for the Norther project. MHI Vestas Offshore Wind has received a firm and unconditional order for 44 x V164-8.4 MW (totalling approximately 370 MW) wind turbines for Belgium’s largest offshore wind project.

MHI Vestas Offshore Wind won the competitive tender process and was awarded the contract for the 370 MW Norther offshore wind power plant in Belgium. The project is owned by Norther N.V. a JV between Elicio and Boreas with three sponsors Elicio N.V. (50%), Eneco (25%) and Mitsubishi Corporation (25%). When commissioned in 2019 the Norther project will be Belgium’s largest wind power plant.

Transactions in connection with share buy-back programme during the period 6-12 December 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 6-12 December 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

06 December 2016

109,050

426.69

46,530,348

07 December 2016

109,200

426.59

46,583,792

08 December 2016

113,865

408.13

46,471,962

09 December 2016

100,100

398.74

39,914,204

12 December 2016

42,500

398.00

16,915,055

Accumulated under the programme

5,370,012

501.48

2,692,934,358

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Vestas receives 270 MW order in Australia

The order for the Sapphire Wind Farm project was placed by SWF Nominees Pty Ltd, a partnership between CWP Renewables and funds managed and/or advised by global private markets investment manager Partners Group. It consists of 75 V126-3.45 MW turbines with Power Optimised Mode to 3.6 MW.

Located near the town of Glen Innes in New South Wales and developed by CWP Renewables, the Sapphire Wind Farm is an engineering, procurement and construction (EPC) project to be delivered by Vestas under a consortium agreement with civil and electrical balance of plant contractor Zenviron.

The order also includes a minimum 10-year Active Output Management 4000 (AOM4000) service contract, in which Vestas guarantees a defined level of availability and performance as well as a SCADA VestasOnline Business system for data-driven monitoring and preventive maintenance.

”The Sapphire Wind Farm has been a major project undertaking for CWP and we are grateful for the professional support received from Vestas throughout the development, procurement, and contracting processes”, said Alex Hewitt, CWP Renewables Managing Director.

”To meet the Australian government's Renewable Energy Target, a significant amount of renewable capacity needs to be built out in the next few years. We are pleased to team up with high-quality partners, including Vestas, to contribute to this target with the construction of Sapphire Wind Farm, another milestone project for Australian renewable energy", said Benjamin Haan, Managing Director and Head Private Infrastructure Asia-Pacific, Partners Group.

“The Sapphire Wind Farm is a big step forward for renewable energy in Australia and we thank CWP Renewables and Partners Group for choosing Vestas on this landmark project. We look forward to delivering a safe and successful project and further strengthening our relationship in the years ahead”, said Gerard Carew, Vestas Head of Sales & Business Development, Asia Pacific.

Installation and commissioning of the turbines is planned to be completed in the second half of 2018, with the project expected to provide up to 180 jobs and millions of dollars of spending in the local economy during construction phase. Once operational, the wind farm will supply the equivalent of approximately 110,000 households with clean energy and abate carbon dioxide emissions by approximately 600,000 tonnes each year.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

Vestas secures order for 101 MW in the United States

Vestas has received a firm and unconditional order totaling 101 MW in the United States.

The order includes V126-3.45 MW and V117-3.45 MW turbines with Power Optimized Mode to 3.6 MW and adds to Vestas’ 3 MW-platform’s growing presence in the U.S.

The order includes supply and commissioning of the wind turbines as well as a five-year Active Output Management 5000 (AOM5000) service agreement: Vestas’ full-scope service package maximizing uptime and energy production.

Turbine delivery is expected in 2017.

Customer and project names have not been disclosed at the customer's request.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at http://www.vestas.com and following us on our social media channels:

Vestas wins 79 MW order in Sweden

Eolus Vind AB has placed their largest wind power order to date, comprising 23 V126-3.45 MW turbines for the Jenåsen wind power plant.

Vestas has received a firm and unconditional order for the Jenåsen wind power plant, which will be the first plant in a larger wind power project in Sundsvall municipality, Sweden. The project is another result of the strong partnership between Eolus and Vestas, going back 25 years.

“Jenåsen will be our biggest wind power project to date and is the result of our long-term relationship with Vestas and our trust in their technology. Vestas V126-3.45 MW proved to be the optimal match for the site, providing just the right business case for the project and speaking to our ambition of developing wind farms at the lowest possible cost of energy”, says Per Witalisson, CEO of Eolus.

Klaus Steen Mortensen, President at Vestas Northern Europe, adds: “This order proves that the right wind energy solution can provide a strong business case anywhere, including Sweden where the market is affected by low electricity and green certificate prices”.

The contract includes supply and installation of the wind turbines as well as a 5-year Active Output Management 5000 (AOM5000) service agreement. Delivery of the wind turbines is expected to begin in the first quarter of 2018.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.
We invite you to learn more about Vestas by visiting our website at http://www.vestas.com and following us on our social media channels:

The order for 40 V110-2.0 MW turbines was placed by Titan Wind Energy for a project in Licun Town, Heze City of eastern China’s Shandong Province.

“For our first project in low- and medium-wind resource area in eastern China, we believe that Vestas’ rich experience in tall tower technology and its high-quality turbines will help us capture more wind energy, thus achieving competitive cost of energy”, said Yan Junxu, CEO of Titan Wind Energy.

“Titan has been Vestas’ tower supplier for about 10 years. We are pleased to see that the relationship between us has expanded and upgraded from a buyer-supplier one into a closer and enriched partnership”, said Chris Beaufait, President of Vestas Asia Pacific and China.

The order also includes two-year Active Output Management (AOM) 4000 service contract, in which Vestas guarantees a defined level of availability and performance as well as a SCADA VestasOnline Business system for data-driven monitoring and preventive maintenance.

Delivery of turbines is expected in the second quarter of 2017, with commissioning scheduled for the second half of the year.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

Transactions in connection with share buy-back programme during the period 29 November 2016 to 5 December 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 29 November 2016 to 5 December 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

29 November 2016

79,066

469.16

37,094,636

30 November 2016

100,511

463.40

46,577,149

01 December 2016

101,940

455.68

46,452,427

02 December 2016

105,350

441.64

46,526,700

05 December 2016

106,350

437.88

46,568,198

Accumulated under the programme

4,895,297

509.98

2,496,518,997

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Vestas announces new Group Senior Vice President for People & Culture

Helle Bay, currently Vice President for People & Culture in Vestas North America, takes on this new responsibility effective 01 January 2017.

Helle Bay, currently Vice President for People & Culture in Vestas North America, takes on this new responsibility effective 01 January 2017.

In this new role, Helle Bay will lead Vestas’ global human resources efforts as the company continues building its capacity to attract, develop, and retain the industry’s highest quality workforce. Helle Bay will also become a member of the Vestas Executive Committee, reporting to CEO Anders Runevad.

Currently based at Vestas’ North America headquarters in Portland, Oregon, Helle Bay has served as Vice President for People & Culture in North America since early 2015. She has held a number of other People & Culture positions in Vestas during her 11 years with the company.

Vestas CEO Anders Runevad says, “I am very pleased that Helle has agreed to return to Denmark to take on this role. I look forward to working closely with her as we continue strengthening our workforce and talent management programs”.

Helle Bay succeeds Roald Jakobsen, who will remain in Vestas heading organisational efficiency initiatives until the end of 2017, reporting to the CEO.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

Vestas secures 112 MW for three projects in France

The three orders are part of the Master Supply Agreement with EDF Énergies Nouvelles.

French energy group EDF Énergies Nouvelles has placed firm and unconditional orders for a total of 112 MW for the 72.6 MW Champagne Picardie project, the 19.8 MW La Carnoye wind park and the 20 MW Bois de Belfays project, consisting of V126-3.45 MW, V117-3.45 MW and V90-2.0 MW turbines respectively. The wind parks will be located in the French regions of Picardie, le Pas de Calais and Les Vosges with turbine delivery planned for the second quarter of 2017.

The contract for Bois de Belfays includes a 20-year Active Output Management Agreement (AOM) 4000 service agreement; while Champagne Picardie and La Carnoye include two-year AOM 4000 service agreements to optimise wind turbine performance and leverage the power plant’s production.

Marco Graziano, President of Vestas Mediterranean, said “EDF EN’s new orders show that our partnership is solid and highlight how Vestas’ versatile product portfolio includes wind solutions for sites across all wind classes. We are very pleased that the orders also see EDF EN adding the V126-3.45 MW to their broad turbine portfolio”.

The Master Supply Agreement between Vestas and EDF Énergies Nouvelles includes onshore wind turbine installations in Europe and United States during the period 2016-2019. As of today, Vestas has delivered 3.14 GW globally and 296 MW in France to EDF Énergies Nouvelles.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 180 MW order in Australia

Located near Mareeba in north Queensland, the Mt Emerald wind farm is an engineering, procurement and construction (EPC) project for Vestas. The order also includes a 15-year Active Output Management (AOM) 4000 service contract, in which Vestas guarantees a defined level of availability and performance as well as a SCADA VestasOnline Business system for data-driven monitoring and preventive maintenance.

“We have enjoyed a close working relationship with RAC for a number of years and are delighted to have been selected to construct and service the Mt Emerald Wind Farm. Once completed, the project will take Vestas’ total turbine installations in Australia to more than 2.1 GW”, said Gerard Carew, Vestas Head of Sales & Business Development, Asia Pacific.

”We are very pleased to be working with Vestas on this landmark project for RAC and Far North Queensland. In the end, the decision for us came down to the low cost of energy and proven performance of the Vestas turbines, which together with Vestas track record of wind farm project delivery in Australia gave us the necessary confidence for a project of this scope and scale”, said Anthony Yeates, RAC Executive General Manager Business Development.

Installation and commissioning of the turbines is expected in the second half of 2018, with the project expected to provide up to 150 jobs during the construction phase.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

Transactions in connection with share buy-back programme during the period 22-28 November 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 22-28 November 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

22 November 2016

107,054

434.30

46,493,905

23 November 2016

64,086

439.18

28,145,136

24 November 2016

37,500

455.10

17,066,235

25 November 2016

45,500

466.10

21,207,746

28 November 2016

98,350

473.71

46,589,428

Accumulated under the programme

4,402,080

516.41

2,273,299,887

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Vestas wins 65 MW order in Sweden

Long-term partner OX2 has placed an order for 18 V126-3.45 MW turbines with power optimised mode to 3.6 MW for the Högkölen wind power project in the Ljusdals municipality in eastern Sweden.

The Högkölen wind farm will be another in a long series of orders between Vestas and OX2 and the fourth order placed by OX2 in 2016. The cooperation between Vestas and OX2 spans more than 10 years and has yielded more than 900 MW in total wind projects across the Nordics.

”With the Högkölen wind farm, we further strengthen our long-standing partnership with Vestas as well as our market position in northern Europe as a leading developer and EPC supplier. Högkölen will be OX2’s 36th wind power project in the Nordics”, says Paul Stormoen, Managing Director of OX2 Wind.

Klaus Steen Mortensen, President of Vestas Northern Europe, adds, “We are very proud that OX2 has yet again chosen our upgraded 3 MW platform for their latest project. The more than 900 MW in wind projects across the Nordic region is the result of the close collaboration and strong track record between OX2 and Vestas.”

The order includes Vestas de-icing system as well as supply, installation, and commissioning of the turbines. The order also includes a 10-year Active Output Management service agreement (AOM5000). Delivery of the wind turbines is expected to begin in the second quarter of 2018.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

Transactions in connection with share buy-back programme during the period 15-21 November 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 15-21 November 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

15 November 2016

75,000

438.92

32,918,970

16 November 2016

80,000

439.10

35,128,176

17 November 2016

50,000

442.84

22,141,950

18 November 2016

105,250

442.19

46,540,476

21 November 2016

88,156

441.22

38,896,375

Accumulated under the programme

4,049,590

521.98

2,113,797,438

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Transactions in connection with share buy-back programme during the period 8-14 November 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 8-14 November 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

8 November 2016

84,000

495.82

41,648,972

9 November 2016

105,000

431.48

45,305,463

10 November 2016

107,850

431.75

46,564,302

11 November 2016

58,000

427.92

24,819,522

14 November 2016

107,000

435.07

46,551,998

Accumulated under the programme

3,651,184

530.83

1,938,171,490

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

The 30 MW order for Vestas V126-3.45 MW turbines was placed for the Kiata wind farm, a project in southeastern Australia developed by international wind energy company Windlab Limited.

Located west of Horsham, Victoria, near the town of Nhill, the Kiata wind farm is an engineering, procurement and construction (EPC) project for Vestas. The order also includes a five-year Active Output Management (AOM) 4000 service contract, in which Vestas guarantees a defined level of availability and performance, and a SCADA VestasOnline Business for data-driven monitoring and preventive maintenance.

Windlab secured financing from John Laing Group and National Australia Bank. John Laing will own approximately 72 percent of the wind farm with the balance owned by Windlab and project neighbours.

“We are pleased to continue our partnership with Vestas to add another wind farm project to our Australian portfolio. Windlab highly appreciates Vestas’ support and is looking forward to the successful completion of this exciting project”, said Dr. Nathan Steggel, General Manager Operations of Windlab.

“We are delighted to have been selected to deliver the project. This appointment is a testament to the strength of the relationship between Windlab and Vestas. Following our past successes, we are excited to move the Kiata project into construction and ultimately deliver for Windlab,” said Dirk Zimmerling, Sales Director of Vestas Australia.

Delivery and commissioning of the turbines are expected in the second half of 2017.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with 78 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 68 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,900 employees are bringing the world sustainable energy solutions to power a bright future.

Transactions in connection with share buy-back programme during the period 1-7 November 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 1-7 November 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

1 November 2016

85,000

534.68

45,447,503

2 November 2016

90,000

508.73

45,786,033

3 November 2016

90,000

501.53

45,137,916

4 November 2016

92,821

497.92

46,217,070

7 November 2016

56,000

514.22

28,796,561

Accumulated under the programme

3,189,334

543.46

1,733,281,232

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Interim financial report, third quarter 2016

Compared to the third quarter of 2015, earnings improved significantly, mainly driven by high activity levels in the quarter and to a lesser extent higher average project margins. Outlook for 2016 upgraded.

Compared to the third quarter of 2015, earnings improved significantly, mainly driven by high activity levels in the quarter and to a lesser extent higher average project margins. Free cash flow was at the same level as in the third quarter of 2015. While order intake was satisfactory, the backlog decreased due to the higher activity levels. Outlook for 2016 upgraded.

Summary: In the third quarter of 2016, Vestas generated revenue of EUR 2,903m – an increase of 37 percent compared to the year-earlier period. EBIT before special items increased by EUR 201m to EUR 433m. The EBIT margin before special items was 14.9 percent compared to 10.9 percent in the third quarter of 2015 and the free cash flow amounted to EUR 155m compared to EUR 158m in the third quarter of 2015.

The intake of firm and unconditional wind turbine orders amounted to 1,769 MW in the third quarter of 2016. The value of the wind turbine order backlog amounted to EUR 7.2bn at 30 September 2016. In addition to the wind turbine order backlog, Vestas had service agreements with expected contractual future revenue of EUR 9.9bn at the end of September 2016. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 17.1bn – an increase of EUR 0.7bn compared to the year-earlier period.

Vestas upgrades the 2016 guidance on revenue from minimum EUR 9.5bn to EUR 10-10.5bn, EBIT margin before special items from minimum 12.5 percent to 13-14 percent, and free cash flow from minimum EUR 800m to minimum EUR 1,000m. The upgrades are based mainly on improved delivery visibility for the remainder of the year. Vestas also adjusts 2016 guidance on total investments from approx EUR 500m to approx EUR 600m.

Group President & CEO Anders Runevad said: “I am very pleased with Vestas’ solid third quarter performance. Revenue and earnings are up strongly, as are deliveries across all regions. Order intake is up 17 percent, while combined turbine and service order backlog declined this quarter, largely due to high turbine delivery activity. With better visibility toward the end of the year, we are also upgrading the full-year guidance.”

Key highlights

High activity levels
Deliveries up by 44 percent in third quarter of 2016 – driven by all regions.

Strong earnings
EBIT margin before special items of 14.9 percent – up by 4.0 percentage points compared to third quarter of 2015.

Solid free cash flow
Free cash flow amounted to EUR 155m in third quarter of 2016 – on a par with the third quarter of 2015.

Combined order backlog remains high
Combined order backlog at EUR 17.1bn. Wind turbine order backlog impacted by high activity levels in the third quarter of 2016.
Outlook 2016
2016 has proven to be an extraordinary year and based mainly on better visibility for the remainder of the year, guidance for 2016 is increased on all parameters.

Transactions in connection with share buy-back programme during the period 25-31 October 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 25-31 October 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

25 October 2016

80,000

547.39

43,791,248

26 October 2016

68,848

539.32

37,131,310

27 October 2016

33,400

537.99

17,968,873

28 October 2016

40,000

539.92

21,596,968

31 October 2016

35,652

542.04

19,324,906

Accumulated under the programme

2,775,513

548.33

1,521,896,149

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Vestas renews 632 MW Service portfolio with C2C Power LP

Vestas is pleased to announce the long-term renewal of the entire portfolio of Active Output Management (AOM) 5000 service agreements with C2C Power LP’s subsidiaries for a total of 632 MW of projects.

Vestas is pleased to announce the long-term renewal of the entire portfolio of Active Output Management (AOM) 5000 service agreements with C2C Power LP’s subsidiaries for a total of 632 MW of projects.

The portfolio of projects includes multiple Vestas turbine platforms across nine project sites that span Canada coast-to-coast – from Vancouver Island, British Columbia to West Cape, Prince Edward Island.

The Active Output Management (AOM) 5000 service agreement is a full-scope service package designed to maximize uptime, performance and energy production. The long-term extension renews the service agreements through the 20-year operational life of the projects.

“We are pleased to continue our long-standing relationship with Vestas and to extend our O&M agreements through the operational life of the projects,” said Mark Gilmore, Director of Operations. “By renewing our contracts, we are continuing to rely on Vestas to provide reliable, cost effective maintenance services to maximize safe, reliable operations for years to come.”

Members of the ENGIE S.A., Mitsui & Co., Ltd. and Axium Infrastructure families of companies hold an indirect limited partnership interest in C2C Power LP, which owns and operates 678MW of wind and solar capacity across Canada.

“I’m proud of the work done by our Service teams across C2C’s portfolio,” said Peter Wells, Vice President of Vestas’ service division in the United States and Canada. “This renewal is a testament to our commitment to drive project performance and profitability, and our commitment to our partnership with C2C to ensure the lifetime performance of their assets.”

Vestas has more than 63 GW of projects under long-term service agreements globally including 19 GW in North America.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with more than 76 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 63 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,700 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas the first to receive turbine certification under new system administered by the IECRE (International Electrotechnical Committee conformity assessment system for Renewable Energy).

Developed and driven by a range of industry stakeholders including Vestas, the new certification system creates a clearer, more harmonised, and less costly process to certify wind turbines and other renewable energy equipment. Customers and official bodies require certifications in almost all markets, and with the increasingly broad adoption of the new IECRE certificates, customers will be able to bring wind power projects online more quickly and less expensively.

Harmonising certificates across multiple markets will reduce the costly and time-consuming need to repeat tests as well as create greater clarity for end-users on what exactly is being certified. Industry stakeholders including equipment manufacturers, power producers, insurance companies, test laboratories and certifying bodies have led the effort to create the first stakeholder-driven set of certification rules. The IECRE certificates have now been approved for use in many of the world’s largest wind power markets, including China, Germany, the United States, and elsewhere.

Vestas’ Chief Technology Officer Anders Vedel notes, “What is unique about the IECRE system is that end-users, mainly our customers, together with equipment manufacturers and other stakeholders have substantially contributed to defining the new standards against which wind turbines are evaluated. Vestas began work in 2012 with other stakeholder to create such a system, so we are especially pleased that the first certificate has been issued for a Vestas turbine”.

The first wind turbine certificate under the new system was issued on 27 October 2016 by certification body DNV GL, for the Vestas 2 MW platform’s V100-2.0 MW mark 10 version. Christer Eriksson, DNV GL’s Service Line Leader for Type Certification and an active member of the IECRE committees, comments, “We are happy to present Vestas with the first IECRE wind turbine type certificate in the industry. For more than 30 years DNV GL is committed to drive the renewable energy industry forward by taking a leading role in developing and revising international standards through involvement in a number of IEC committees and by developing our own service documents together with the industry.”

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with more than 76 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 63 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,700 employees are bringing the world sustainable energy solutions to power a bright future.

The IEC System for Certification to Standards Relating to Equipment for Use in Renewable Energy Applications (IECRE System) aims to facilitate international trade in equipment and services for use in Renewable Energy Sectors while maintaining the required level of safety.

In order to achieve this it:

operates a single, global certification system;

aims for acceptance by local/national authorities or other bodies requiring and benefiting from certification; and,

will make use of high quality International Standards and allow for continuous improvement.

Its goal is to offer a harmonized application around the globe, which ensures a uniform:

implementation and mutual recognition between certification bodies and test labs;

implementation and delivery of information by suppliers, sub-suppliers, end users and others providing documentation for certification; and,

implementation and clear understanding of all suppliers, sub-suppliers, end users and other applicants for the elements and modules as well as reports, statements and certificates of the certification processes.

Vestas receives 48 MW order in China

The order for Vestas turbines was placed by long-time customer CGN Wind Energy Limited for a project in southern China.

The Nan’an Xiangyun project is located in Xiangyun County, Quanzhou City, in the Fujian Province, where Vestas will supply the turbines for the wind park and supervise the installation.

“This is CGN’s first order with Vestas since the partnership reached the important 1 GW of cumulative orders milestone in late September. Long-term partnerships like the one we have with CGN are the foundation of Vestas’ development in China, and we look forward to continue building on the mutual trust in this new chapter of our cooperation”, says Chris Beaufait, President of Vestas Asia Pacific and China.

Delivery of the turbines is expected in the first quarter of 2017 with commissioning expected in the second quarter of the year.
For more information, please contact:
Hua Zhang
Communications Partner
Vestas Asia Pacific & China
Tel: +86 10 5923 2000
Mail: huznh@vestas.com

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with more than 76 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 63 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,700 employees are bringing the world sustainable energy solutions to power a bright future.

Transactions in connection with share buy-back programme during the period 18-24 October 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 18-24 October 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

18 October 2016

30,000

537.85

16,135,518

19 October 2016

30,000

537.87

16,136,007

20 October 2016

65,000

543.21

35,308,748

21 October 2016

45,140

544.54

24,580,576

24 October 2016

66,036

548.97

36,251,532

Accumulated under the programme

2,517,613

548.97

1,382,082,844

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Transactions in connection with share buy-back programme during the period 11-17 October 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 11-17 October 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

11 October2016

86,614

534.87

46,326,944

12 October 2016

40,162

527.11

21,169,860

13 October 2016

31,110

517.83

16,109,750

14 October 2016

30,000

531.54

15,946,071

17 October 2016

30,000

531.17

15,935,133

Accumulated under the programme

2,281,437

549.51

1,253,670,464

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

OX2 has placed an order for 41 V126-3.45 MW turbines with power optimised mode to 3.6 MW and Vestas’ de-icing technology for their largest wind power project to date.

OX2 has placed an order for 41 V126-3.45 MW turbines with power optimised mode to 3.6 MW and Vestas’ de-icing technology for their largest wind power project to date.

This is the third time OX2 has placed an order for Vestas turbines in 2016, reinforcing the two companies’ strong collaboration and market position in the Nordic region. The firm and unconditional order is for the Lehtirova wind farm at the border of the Gällivare and Pajala municipalities in northern Sweden.

The order includes the Vestas de-icing system, which ensures a continuous and strong turbine performance in cold climate conditions. See more here on Vestas Cold Climate Solutions.

“With the Lehtirova wind farm, we will further strengthen our long-standing relationship with Vestas as well as our market position in Northern Europe as a leading developer and EPC supplier. Lehtirova will be OX2’s largest wind power project to date, and we look forward to building it together with Vestas”, says Paul Stormoen, Managing Director of OX2 Wind.

Klaus Steen Mortensen, President of Vestas Northern Europe, adds that “We are very pleased that OX2 has decided to continue building on the already great relationship with Vestas – this time with an order for their largest ever wind park. And we are happy knowing that the order for our upgraded 3 MW platform, accompanied by Vestas’ de-icing technology, will ensure full power-curve capacity in cold northern Sweden, where the wind farm will be located”.

The order includes supply, installation, and commissioning of the turbines as well as a 15-year Active Output Management service agreement (AOM5000). Delivery of the wind turbines is expected to begin in the second quarter of 2018.

About VestasVestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with more than 76 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 63 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,700 employees are bringing the world sustainable energy solutions to power a bright future.

Transactions in connection with share buy-back programme during the period 4-10 October 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 4-10 October 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

4 October 2016

30,000

549.57

16,487,007

5 October 2016

30,000

552.58

16,577,484

6 October 2016

35,138

558.68

19,630,947

7 October 2016

80,000

549.76

43,980,624

10 October 2016

35,948

549.22

19,743,386

Accumulated under the programme

2,063,551

551.57

1,138,182,705

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Transactions in connection with share buy-back programme during the period 27 September to 3 October 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 27 September to 3 October 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

27 September2016

82,500

542.33

44,742,233

28 September 2016

39,128

545.42

21,342,092

29 September 2016

82,500

547.17

45,141,459

30 September 2016

30,000

544.90

16,347,054

03 October 2016

59,330

548.06

32,516,352

Accumulated under the programme

1,852,465

551.57

1,021,763,257

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Vestas secures 40 MW order in Brazil

Vestas strengthens its position in the Brazilian market with a new order from Gestamp Wind.

Continuing to make inroads into the Brazilian wind market, Vestas has received a firm and unconditional order from long-term partner Gestamp Eólica Brazil S.A. to supply 20 units of the V110-2.0 MW turbine for the 40 MW Pedra Rajada I/II wind parks to be located in Rio Grande do Norte, Brazil.

This new contract reinforces Vestas’ strong partnership with Gestamp Wind, with whom it has already signed firm orders for the supply of 193 MW in Brazil and 278 MW worldwide.

The wind turbines will be produced in compliance with the local content rules set by the Brazilian Development Bank (BNDES). The contract includes the supply and installation of the wind turbines as well as a 10-year Active Output Management (AOM) 4000 service agreement based on Vestas’ latest smart data and technical capabilities to release the full potential of the wind parks. Turbine delivery is planned for the second quarter of 2017, while commissioning is expected for the third quarter of 2017.

President of Vestas Mediterranean, Marco Graziano, comments, “Vestas has made a significant effort to expand our presence in Brazil, and today’s order confirms we are making good progress. Our customers appreciate these efforts, and we are pleased to see that our determination is paying off now. We are committed to deliver on our promises and continue to meet our customers’ needs and expectations”.

Brazil was Vestas’ fifth largest market for new orders in 2015. With today’s order, Vestas has announced 212 MW in firm and unconditional orders in Brazil in 2016.

About VestasVestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with more than 76 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 63 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,700 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 100 MW order in China

The order for 50 Vestas V100-2.0 MW wind turbines was placed by long-term customer CGN Wind Energy Limited for a project in north-eastern China.

The Liulongtai project is located in Yi County, Jinzhou City, in the Liaoning province, where Vestas will supply the turbines for the wind park and supervise the installation. The order also includes a two-year Active Output Management (AOM) 4000 service contract, in which Vestas guarantees a defined level of availability and performance, and a SCADA VestasOnline Business for data-driven monitoring and preventive maintenance.

“The cooperation between Vestas and CGN is in its 10th year, and with this latest order, the accumulated orders in this partnership have exceeded the 1 GW milestone”, says Chris Beaufait, President of Vestas Asia Pacific and China. “We are honoured to have a long-term customer like CGN, who recognises the value of quality, reliability, and business case certainty that Vestas provides”.

The V100-2.0 MW turbines for the project are part of Vestas’ successful 2 MW platform, of which 17,000 turbines, equalling more than 33 GW, have been installed in 45 countries around the world since 2000.

Delivery of the turbines is expected in the second quarter of 2017 with commissioning expected in the third quarter of 2017.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with more than 76 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 63 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,700 employees are bringing the world sustainable energy solutions to power a bright future.

Vestas receives its first order in Mongolia

The order for 25 Vestas V110-2.0 MW wind turbines is for the country’s second wind power project.

The order for the 50 MW Tsetsii wind park, located in the Gobi desert in southern Mongolia, was placed by Clean Energy Asia LLC – a joint venture between SB Energy Corp. (Japan) and Newcom LLC (Mongolia) as part of an ambitious renewable energy strategy to tap into the rich wind resources of Mongolia.

“Vestas looks forward to supplying world-leading wind power technology to Mongolia and to supporting the country’s efforts in reducing reliance on coal and in realising its vision to contribute to the sustainable energy demand of Mongolia and the Asia Pacific region”, says Chris Beaufait, President of Vestas Asia Pacific and China.

Mongolia has abundant wind resources and is well located in the promising Asia Super Grid. Being confident in the long-term potential of the Mongolian market, Vestas established a subsidiary there, Vestas Mongolia, earlier this year.

For this Engineering, Procurement and Construction (EPC) project, Vestas will supply and supervise the installation of the turbines and be responsible for the civil & electrical balance of plant works.

The order also includes a five-year Active Output Management (AOM) 4000 service contract and a SCADA VestasOnline Business for data-driven monitoring and preventive maintenance.

The Tsetsii project is jointly funded by the European Bank for Reconstruction and Development and Japan International Cooperation Agency. Delivery of the turbines is expected in the first quarter of 2017 with commissioning expected in the fourth quarter of 2017.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with more than 76 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 63 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,700 employees are bringing the world sustainable energy solutions to power a bright future.

Vestas receives 45 MW order and 20-year service contract for repowering project in Germany

Vestas has received an order for 13 V126-3.45 MW turbines from project developer Green Wind Energy and the operator of the turbines being repowered, European Energy.

The firm and unconditional order comprises supply and commissioning of the wind turbines as well as a 20-year full-scope service agreement (AOM 4000) and VestasOnline Business SCADA solution. The turbines will be installed at the Prignitz wind park in Brandenburg, eastern Germany. Wind turbine delivery and commissioning is planned to begin in the first quarter of 2017.

“Vestas’ highly advanced technology, short delivery times, and fast installation convinced us that they were the ideal partner for this repowering project”, says Knud-Erik Andersen, CEO of European Energy.

Manuel Lasse, Managing Director of Green Wind Energy adds that, “The V126-3.45 MW turbine in combination with the smooth project execution that Vestas is known for, is ideal for our repowering project in Prignitz. To us, one of the most important aspects of this project was to get the support of the local community, now and in the future, and working with Vestas definitely helped that along”.

“We’re very happy to add this latest agreement to our portfolio with our long-term customers, European Energy and Green Wind Energy. The turbines for the Prignitz wind project are another example of the increasing demand for our 3 MW platform in Germany. The platform repeatedly proves its versatility across a variety of German wind regimes, as our customers are benefitting from the five different rotor sizes, taller towers, and different power modes, thereby maximising annual energy production and optimising the levelised cost of energy”, says Nils de Baar, President of Vestas Central Europe.

Since the Vestas 3 MW-platform’s debut, more than 10 GW have been installed globally, both onshore and offshore.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install and service wind turbines across the globe, and with more than 76 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 63 GW of wind turbines under service, we use data to interpret, forecast and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,700 employees are bringing the world sustainable energy solutions to power a bright future.

The headquarters of Vestas Central Europe is located in Hamburg, Germany. The business unit is responsible for the sales and marketing of wind power systems as well as for the installation and
operation of wind power plants in Germany, Benelux, Austria, Russia, Eastern Europe and Southern
and Eastern Africa.
Vestas entered the German market in 1986. Since then, the company has delivered more than 7,300 turbines representing a total capacity of more than 11 GW to this key market. Vestas’ full wind energy value chain is represented in Germany; R&D, production, sales locations and a unique service infrastructure as well as business unit headquarters. Vestas employs around 2,300 people in Germany.

Vestas’ Bert Nordberg named Chairman of the Year

PricewaterhouseCoopers names Vestas’ Bert Nordberg as Chairman of the Year 2016.

Based on a rigorous selection process and together with a professional and independent jury, the world’s largest professional services firm PricewaterhouseCoopers (PwC) and Styreinformasjon have named Bert Nordberg Denmark’s Chairman of the Year, stressing his key role in Vestas’ successful turnaround and the impressive financial results the company has achieved.

The jury bases its judgment in part that with Bert Nordberg as Vestas’ Chairman, the company has significantly increased its revenue, delivered impressive order intakes in key markets as well as increased its return on invested capital (ROIC).

“Vestas has completed an impressive turnaround and a successful change in the executive management, which have created positive results on top line as well as bottom line. The success has also benefitted the shareholders with a very solid share price improvement – an improvement that deserves recognition”, says Mogens Nørgaard Mogensen, Senior Partner and Managing Director at PwC.

The jury also recognizes Bert Nordberg’s ability to build a “diverse, independent and professional” board that receives the necessary freedom to perform. PwC’s Mogens Nørgaard Mogensen concludes, “In awarding the Chairman of the Year prize, we want to honour the most capable Board chairmen as an inspiration for other business leaders and companies”.

For 10 consecutive years, PwC has awarded the Chairman of the Year prize. Former winners include Ole Andersen, Chr. Hansen (2015); Kåre Schultz, Royal Unibrew (2014); and Niels Jacobsen, Lego (2013). The award is based on 12 criteria, including minimum two years as chairman, revenue, solidity, and reputation as a company and chairman.

The award ceremony took place on 27 September in Copenhagen. The award was presented by member of the jury, and Chairman of the Year 2015, Ole Andersen.

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with more than 76 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 63 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,700 employees are bringing the world sustainable energy solutions to power a bright future.

Transactions in connection with share buy-back programme during the period 20-26 September 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 20-26 September 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

20 September2016

37,148

557.01

20,691,752

21 September 2016

80,000

553.40

44,272,136

22 September 2016

31,648

557.85

17,654,922

23 September 2016

57,945

551.01

31,928,303

26 September 2016

60,000

547.48

32,849,064

Accumulated under the programme

1,559,007

552.71

861,675,066

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Vestas receives 214 MW order in the United States

Largest utility owner of wind energy in the U.S., MidAmerican Energy, orders 214 MW of PTC-qualifying components for the 2,000 MW Wind XI project in Iowa.

With reference to Vestas Wind Systems A/S’ company announcement No. 22/2016 of 17 June 2016, Vestas has received a firm and unconditional order from MidAmerican Energy Company (MidAmerican), a subsidiary of Berkshire Hathaway Energy, for 214 MW of Production Tax Credit (PTC) qualifying V110-2.0 MW turbine components.

The order is part of MidAmerican’s recently approved 2,000 MW Wind XI project in Iowa.

“Wind energy helps us keep prices stable and more affordable for customers. It provides jobs for Iowans and other economic benefits for our customers, communities and the state. Wind energy also contributes to a cleaner environment for everyone,” said Bill Fehrman, president and CEO, MidAmerican Energy. “We are proud to expand wind generation in Iowa. And, our customers appreciate that we’re doing it without asking for an increase in rates to pay for it.”

“With this order, MidAmerican positions itself to secure the full value of the PTC for the Wind XI project, and takes the next step in delivering low-cost, domestic wind energy to its customers. As the only state to generate more than 30 percent of its energy from wind, Iowa leads the country in delivering wind energy’s economic and environmental benefits to its communities, and it’s an honor to be a part of the largest wind project in the state’s history.” said Chris Brown, President of Vestas’ sales and service division in the United States and Canada.

Potential future order intake under the agreement is expected to occur as partial deliveries under the master agreement and will be announced firm and unconditional consistent with Vestas’ order announcement policy.

About VestasVestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with more than 76 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 63 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,700 employees are bringing the world sustainable energy solutions to power a bright future.
We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Transactions in connection with share buy-back programme during the period 13-19 September 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 13-19 September 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

13 September2016

82,000

549.52

45,335,623

14 September 2016

75,500

549.04

41,452,203

15 September 2016

37,643

547.74

20,618,411

16 September 2016

84,892

547.25

46,457,504

19 September 2016

28,000

553.77

15,505,669

Accumulated under the programme

1,292,266

552.73

714,278,889

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Change in communication policy regarding orders

As per 14 September 2016, Vestas will adjust the threshold for wind turbine and service orders to be disclosed to the market via company announcements to 300 MW and EUR 300m, respectively.

As a listed company on Nasdaq Copenhagen, Vestas is obliged to ensure that everyone has equal access to essential information that may significantly affect the price of the Vestas share.

For wind turbine and service orders, the working definition that Vestas has followed as a general guideline until now has been to disclose firm and unconditional orders with a size of 200 MW or more and EUR 200m or more, respectively.

As part of the annual review of the company’s communication policy, this threshold has been assessed and as a result of the actual impact observed on the Vestas share price of past announced orders, Vestas deems it appropriate to adjust the announcement policy accordingly.

Hence, as per 14 September 2016, Vestas will as a general rule disclose company announcements on all wind turbine orders with a total capacity of 300 MW or more.

For service orders, the corresponding threshold going forward will be EUR 300m.

It should be noted that this does not rule out that other factors deemed to have a significant impact on the Vestas share price can necessitate company announcements on orders below the mentioned threshold.

For orders received by the joint venture, MHI Vestas Offshore Wind A/S, for turbine types owned by the joint venture (i.e. on 8 MW platform orders), the new threshold will be 600 MW for wind turbine orders and EUR 600m for service orders, defined as before by the 50/50 percent split ownership.

Vestas will continue announcing firm and unconditional orders via news releases per current practice, including for orders below the revised threshold for company announcements.

News service
To ensure that Vestas Wind Systems A/S fulfils its stated obligations, Vestas uses Nasdaq Copenhagen's news distribution service (GlobeNewswire) for the distribution of all company announcements. The same distribution service is used for Vestas’ news releases.

Important: If you wish to receive news releases from Vestas going forward for orders below the threshold and if you have not already subscribed to the news release distribution service, you will need to subscribe (LINK).
If you have any questions to the distribution service, please write to ir@vestas.com

Transactions in connection with share buy-back programme during the period 06-12 September 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 06-12 September 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

06 September2016

80,000

564.18

45,134,176

07 September 2016

30,000

556.18

16,970,001

08 September 2016

77,500

562.55

43,597,687

09 September 2016

82,500

554.71

45,763,517

12 September 2016

29,000

547.43

15,875,458

Accumulated under the programme

983,731

553.92

544,909,479

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Transactions in connection with share buy-back programme during the period 30 August to 5 September 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 30 August to 5 September 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

30 August 2016

43,366

557.39

24,171,935

31 August 2016

80,068

556.18

44,532,348

01 September 2016

58,765

556.54

32,705,191

02 September 2016

30,000

557.32

16,719,705

05 September 2016

28,500

563.46

16,058,407

Accumulated under the programme

684,731

551.41

377,568,640

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Transactions in connection with share buy-back programme during the period 23-29 August 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. Company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 23-29 August 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

23 August 2016

80,000

555.33

44,426,272

24 August 2016

80,000

556.15

44,492,296

25 August 2016

37,000

552.81

20,454,051

26 August 2016

41,532

555.39

23,066,661

29 August 2016

45,000

550.24

24,760,643

Accumulated under the programme

444,032

548.12

243,380,990

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Vestas announces new Group Senior Vice President for Marketing, Communications, and Public Affairs

Morten Dyrholm is appointed Group Senior Vice President for Marketing, Communications, and Public Affairs.

Morten Dyrholm, currently Vice President for Global Marketing and Public Affairs, takes on this new responsibility effective today. He succeeds Anders Monrad Rendtorff, who leaves Vestas by mutual agreement.

Transactions in connection with share buy-back programme during the period 18-22 August 2016

On 18 August 2016, Vestas initiated a share buy-back programme, ref. company announcement No. 26/2016. The programme is implemented in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from share based incentive programmes to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 2,984 million (approximately EUR 400 million) in the period from 18 August 2016 to 30 December 2016.

The following transactions have been made under the programme during the period 18-22 August 2016:

Number ofshares

Average purchase
price, DKK

Transaction
value, DKK

18 August 2016

77,500

532.57

41,274,415

19 August 2016

53,000

535.25

28,367,985

22 August 2016

30,000

551.29

16,538,667

Accumulated under the programme

160,500

536.95

86,181,067

Details of all the transactions relating to the share buy-back programme during the period are presented in the attached appendix.

Vestas receives 100 MW order in Michigan

Vestas has received a firm and unconditional order in the United States from Sempra U.S. Gas & Power (“Sempra”) for 29 V126-3.45 MW turbines. The turbines will be deployed at the 100 MW Apple Blossom wind project in Michigan.

The order comprises supply and commissioning of the wind turbines as well as a multi-year Active Output Management (AOM) 5000 service agreement, a full-scope service package to maximize uptime and performance and energy production.

“The turbines at Apple Blossom are another example of the increasing demand for our 3 MW platform in the U.S. The platform repeatedly proves its versatility across a variety of North American wind regimes and across the Midwestern wind belt, as our customers are benefitting from the five different rotor sizes, taller towers and different power modes,” says Chris Brown, President of Vestas’ sales and service division in the United States and Canada. “We’re very happy to add this latest agreement to our portfolio with Sempra.”

Originally developed by Geronimo, the Apple Blossom wind project was acquired by Sempra in July of this year, while delivery of the turbines is planned for the third quarter of 2017 and commissioning expected in the fourth quarter of that year.

Since the Vestas 3 MW-platform’s debut, more than 10 GW have been installed globally, both onshore and offshore.

About VestasVestas is the energy industry’s global partner on wind power solutions. We design, manufacture, install, and service wind turbines across the globe, and with more than 76 GW of wind turbines in 75 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 63 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 21,700 employees are bringing the world sustainable energy solutions to power a bright future.

Share buy-back programme of up to DKK 2,984 million (approximately EUR 400 million)

The Board of Directors of Vestas Wind Systems A/S has decided to initiate a share buy-back programme of up to DKK 2,984 million (approximately EUR 400 million) to be executed during the period 18 August 2016 to 30 December 2016.

The share buy-back programme is initiated pursuant to the authorisation granted to the Board of Directors by the Annual General Meeting on 30 March 2016, which authorises Vestas to acquire treasury shares at a nominal value not exceeding 10 percent of the share capital at the time of the authorisation. The consideration for such shares may not deviate by more than 10 percent from the closing price quoted by Nasdaq Copenhagen at the time of purchase.

The buy-back will be structured in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (the "Safe Harbour” rules).

Purpose
The purpose of the share buy-back programme is to adjust Vestas’ capital structure and to meet obligations arising from share based incentive programmes to employees of Vestas.

At Vestas' annual general meeting in 2017, a resolution will be proposed that shares acquired, which are not used for hedging purposes of share based incentive programmes, will be cancelled.

Time frameThe share buy-back programme will run from 18 August 2016 to 30 December 2016.

TermsVestas has appointed SEB as lead manager for the share buy-back programme. SEB will make its own trading decisions independently of and without influence or involvement from Vestas.

Under the share buy-back programme Vestas may repurchase shares up to a maximum amount of DKK 2,984 million, and no more than 20,148,033 shares, corresponding to 9.1 percent of the share capital of Vestas Wind Systems A/S.

No shares may be bought back at a price exceeding the higher of i) the price of the last independent trade and ii) the highest current independent bid at the trading venue, on which the purchase is carried out, at the time of trading.

The maximum number of shares that may be purchased on each trading day may not exceed 25 percent of the average daily trading volume of shares on the trading venue, on which the purchase is carried out, over the last 20 trading days prior to the date of purchase.

Interim financial report, second quarter 2016

Compared to the second quarter of 2015, earnings and free cash flow significantly improved, mainly driven by high activity levels in the quarter and higher average project margins. Satisfactory order intake with backlog remaining at high levels. Outlook for 2016 upgraded.

Compared to the second quarter of 2015, earnings and free cash flow significantly improved, mainly driven by high activity levels in the quarter and higher average project margins. Satisfactory order intake with backlog remaining at high levels. Outlook for 2016 upgraded.

In the second quarter of 2016, Vestas generated revenue of EUR 2,557m – an increase of 46 percent compared to the year-earlier period. EBIT before special items increased by EUR 254m to EUR 399m. The EBIT margin before special items was 15.6 percent compared to 8.3 percent in the second quarter of 2015 and the free cash flow amounted to EUR 330m compared to EUR 183m in the second quarter of 2015.

The intake of firm and unconditional wind turbine orders amounted to 1,790 MW in the second quarter of 2016. The value of the wind turbine order backlog amounted to EUR 8.2bn at 30 June 2016. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 9.9bn at the end of June 2016. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 18.1bn – an increase of EUR 1.2bn compared to the year-earlier period.

Vestas upgrades the 2016 guidance on revenue from minimum EUR 9.0bn to minimum EUR 9.5bn, EBIT margin before special items from minimum 11.0 percent to minimum 12.5 percent, and free cash flow from minimum EUR 600m to minimum EUR 800m (incl. the acquisition of Availon Holding GmbH). The upgrade is based on better than expected performance in the first half of 2016 and visibility for the remainder of the year.

Group President & CEO Anders Runevad said: “I am very pleased with Vestas’ strong second quarter performance. Our colleagues have executed well on a high activity level, which along with a favourable mix of projects contributed to Vestas achieving extremely solid results on revenue, EBIT margin, net profit, and free cash flow and with an order intake in line with expectations. We are upgrading the full-year guidance on revenue, EBIT margin, and free cash flow, and as a result of the strong performance we also continue delivering tangible shareholder value through the 2016 share buy-back programme that we are launching now”.

Key highlights

High activity levels across the board
Deliveries up by 56 percent in Q2 2016 – driven by all regions.

Strong earnings
EBIT margin before special items of 15.6 percent – up by 7.3 percentage points compared to Q2 2015.

Order backlog continues at record-high level
Combined order backlog at EUR 18.1bn.

Guidance increased
Guidance for 2016 increased on revenue, EBIT margin, and free cash flow based on better than expected H1 2016 performance and visibility for the remainder of the year.

Vestas wins 112 MW Norwegian order for the V126-3.45 MW turbine with de-icing system

OX2 has placed an order for 31 V126-3.45 MW turbines with power optimised mode to 3.6 MW and Vestas’ de-icing system, reinforcing Vestas’ market-leading position in Norway.

The firm and unconditional order is for the Raskiftet wind park in the municipalities of Åmot and Trysil. The order includes Vestas’ advanced de-icing system, using air heaters to capture, heat, and propel air within the turbine blades. With VestasOnline SCADA integration, the de-icing system continuously monitors the turbines’ performance and engages when there is a net power production to be gained.

The order also includes the Vestas Obstacle Collision Avoidance System (OCAS), an intelligent radar-based system that activates the turbines’ aviation lights when an aircraft is operating in the immediate vicinity of the wind park. By activating the aviation lights only when needed, OCAS minimises visual impact while maintaining aviation safety.

“Raskiftet is OX2’s largest wind power project to date, and our first wind farm in Norway. We have worked successfully with Vestas for many years and are looking forward to building another high-quality wind farm together”, says Paul Stormoen, Managing Director of OX2 Wind.

Klaus Steen Mortensen, President of Vestas Northern Europe, adds that “We are very pleased that OX2 has chosen to work with us on their first Norwegian project, and that they have chosen Vestas’ upgraded 3 MW platform accompanied by our de-icing and collision avoidance systems for the project. Our advanced de-icing technology is a critical element in regaining full power-curve capacity in cold climate conditions, while OCAS opens up new commercial opportunities for sites with regulatory lighting restrictions”.

The order includes supply, installation, and commissioning of the turbines as well as a five-year Active Output Management service agreement (AOM5000). Delivery of the wind turbines is expected to begin in the second quarter of 2018.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and close to 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

E.ON orders 139 V110-2.0 MW turbines.

“We are excited to be working with Vestas on this turbine purchase as E. ON expands its U.S. portfolio,” said Patrick Woodson, Chairman of E.ON North America.

The order includes supply and commissioning of the wind turbines as well as multi-year service agreement. Nacelles, blades, and towers will be produced at Vestas’ Colorado factories with delivery expected to begin in the second quarter of 2017 and commissioning planned for the fourth quarter of 2017.

“We’re honored to build on our successful relationship with E.ON and further deploy the versatile V110-2.0 MW turbine to their project. E.ON is a dedicated renewable energy leader both globally and in North America, and we look forward to help them deliver low-cost, clean electricity,” said Chris Brown, President of Vestas’ sales and service division in the United States and Canada.

Since the Vestas 2 MW-platform’s debut, more than 33 GW have been installed globally.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and over 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 160 MW order in the United States

EDF Renewable Energy has placed a firm and unconditional order for 80 PTC-qualifying 2.0 MW turbines.

The order is part of a global master supply agreement between Vestas and EDF Énergies Nouvelles and EDF Renewable Energy for future onshore wind turbine installations in the United States and Europe for deliveries in 2016 to 2019.

“Since entering our first master supply agreement with Vestas in 2013, EDF RE has installed more than 2 GW of the Vestas wind turbines throughout the U.S.,” said Tristan Grimbert, President and CEO of EDF Renewable Energy. “Our order today further demonstrates the success of our partnership and industry collaboration to bring more wind energy projects online.”

The order includes supply and commissioning of the wind turbines as well as an Active Output Management (AOM) 5000 service agreement, a full-scope service package to maximize uptime, performance, and energy production. Nacelles, blades, and towers will be produced at Vestas’ Colorado factories.

“This order secures EDF Renewable Energy’s ability to capture the full value of the PTC by strategically deploying our versatile 2.0 MW platform on a variety of wind sites, delivering more cost-competitive wind energy to rate payers throughout the U.S.,” said Chris Brown, President of Vestas’ sales and service division in the United States and Canada.

Since the Vestas 2 MW-platform’s debut, more than 33 GW have been installed globally, both onshore and offshore.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and over 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 120 MW order in Morocco

With more than 900 MW already installed or under construction in Africa, this order adds to Vestas’ growing presence in the region.

With reference to Vestas Wind Systems A/S’ company announcement No. 63/2015 of 30 November 2015, Vestas has signed a firm and unconditional order with Acwa Power to supply 40 units of the V90-3.0 MW wind turbine for the 120 MW Khalladi wind park, which will be located in the windy Tangiers region of northern Morocco.

The contract comprises the supply of the wind turbines as well as a 20-year Active Output Management (AOM) 4000 service agreement to guarantee the optimal performance of the wind park.

The Khalladi wind park will be the first renewable energy project financed by the European Bank for Reconstruction and Development (EBRD) in Morocco that allows private producers to sell electricity through power purchase agreements to industrial off-takers. In addition to EBRD, the project will be co-financed by the Moroccan bank BMCE and Argan Infrastructure Fund, an Africa-focused infrastructure fund managed by Infra Invest.

Turbine delivery is planned for the second quarter of 2017, while commissioning is expected for the fourth quarter of 2017.

President of Vestas Mediterranean, Marco Graziano, comments, “Being Vestas’ first order in Morocco since 2000 this project represents a big step forward for us, as we continue to work hard to build a stronger presence in the country and contribute to the development of the growing Moroccan wind industry”.

Morocco has put in place an ambitious plan to accelerate the deployment of wind energy. The Moroccan Integrated Energy Project envisages increasing the share of wind power in the national energy mix to around 20 percent by 2020. Vestas has recently established a local presence in Casablanca.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and over 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas secures 131 MW order in the United States

Vestas has received a firm and unconditional order for 131 MW of PTC qualifying turbine components.

The order includes qualifying components compatible with a variety of turbines across the 2 MW and 3 MW platforms.

Since their debut, more than 8 GW of the 3 MW platform and 18 GW of the 2 MW platform have been installed globally, both onshore and offshore.

Delivery of the wind turbine components is expected to begin in the fourth quarter of 2016.

“We are pleased to announce this PTC Safe Harbor order, which will enable our customer to qualify a substantial portfolio of projects for 100 percent of the Production Tax Credit value. This versatile component mix will provide high competitiveness during this PTC window, and will enable our customer to deliver even more cost-effective wind energy to rate payers throughout North America,” said Chris Brown, President of Vestas’ sales and service division in the United States and Canada.

Multiple components will be produced at Vestas’ Colorado factories.

Customer and project names have not been disclosed at the customer's request.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and over 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

MHI Vestas Offshore Wind has received a 406 MW order in Denmark

MHI Vestas Offshore Wind has received a firm and unconditional order for 49 V164-8 MW turbines with a total capacity of 406 MW for the offshore Horns Reef 3 project in Denmark, ref. company announcements No. 36/2015 of 29 June 2015 and No. 21/2016 of 2 June 2016. The 406 MW order is placed by Vattenfall, and the contract covers supply, installation and commissioning of the wind turbines, as well as a five year full-scope service contract.

The project will be delivered by MHI Vestas Offshore Wind and will not enter into the order backlog of Vestas Wind Systems A/S.

As Vestas owns 50 per cent of the joint venture company MHI Vestas Offshore Wind, Vestas will disclose firm and unconditional orders received by MHI Vestas Offshore Wind with a total capacity of 400 MW or above, ref. Vestas’ Communication Strategy.

Vestas secures orders for 162 MW in the United States

Vestas has received two firm and unconditional orders, totaling 162 MW of V110-2.0 MW turbines for projects in the United States.

For one of the orders, some of the turbines will be delivered in the 2.2 MW power optimized mode. Vestas and the customer utilized the flexibility of the V110 power modes to customize a site-specific product mix that extracts the maximum wind resource output, reaping the optimal value between yield and cost.

Both orders include supply and commissioning of the wind turbines as well as Active Output Management (AOM) 5000 service agreements, a full-scope service package to maximize uptime and performance and energy production. Turbine delivery will begin in the third quarter of 2017.

Turbine nacelles, blades, and towers will be produced at Vestas’ Colorado factories.

“The V110-2.0 MW is our flagship turbine platform in the United States, and the versatility of site-specific power mode combinations unlocks the potential of the wind conditions and increases site output,” says Chris Brown, President of Vestas’ sales and service division in the United States and Canada.

Customer and project names have not been disclosed at the customer's request.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and over 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas wins 76 MW order in Sweden

Rabbalshede Vind has ordered 22 Vestas V126-3.45 MW turbines for the Lyrestad wind park with Google buying the power output.

Rabbalshede Vind 5 AB, a joint venture between Rabbalshede Kraft AB and private investment company Ardian, has placed a firm and unconditional order for the Lyrestad wind park in Mariestad, Sweden. Google will purchase the power produced by the wind park.

“Working with Vestas on the Lyrestad wind park feels like a secure and natural choice. Vestas’ support and flexibility during the development of the project, the performance of the V126-3.45 MW turbine, and the optimal service package are the main reasons behind our decision to once again rely on Vestas as our turbine and service supplier”, says Peter Bjelkengren, Purchasing and Construction Manager at Rabbalshede Kraft.

Klaus Steen Mortensen, President at Vestas Northern Europe, adds that “It is a great pleasure for Vestas to be part of this project, where we once again prove our ability to deliver a strong business case for investments in wind energy. Whether companies look to power their own operations, reduce supply risk and price volatility, or contribute to combatting climate change, investing in wind energy simply makes economic sense”.

The order includes supply, installation, and commissioning of the turbines as well as a 10-year Active Output Management service agreement (AOM5000). Turbine delivery is expected to begin in the second quarter of 2017, with commissioning expected to start in the third quarter of 2017.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and close to 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas secures 26 MW order in Turkey

The project will be located in Balikesir province and consist of eight V126-3.3 MW wind turbines, which are well-suited for the region’s low- to mid-speed wind conditions.

Vestas has secured a contract with Elfa Elektrik Uretim A.S., an affiliate of Yildirim Group, to supply eight units of the V126-3.3 MW model for a 26 MW wind farm to be located in Balikesir, in eastern Turkey.

The contract comprises the supply and installation of the wind turbines, along with a 10-year AOM 4000 service agreement to optimise uptime, performance, and energy production. Turbine delivery is planned for the third quarter of 2016, whilst commissioning is expected in the fourth quarter of the year.

Olcayto Yigit, General Manager of Vestas Turkey, adds: “Vestas continues to drive down the cost of energy, and this project with Elfa Elektrik Üretim A.Ş. is no different. With its 126-metre rotor diameter that enables greater wind capture and thus higher annual energy production, the V126-3.3 MW turbine model is designed for low- to mid-speed wind regimes and delivers market-leading cost of energy”.

Vestas installed Turkey’s first wind turbine in 1984 and has since then delivered close to 1.2 GW of wind power capacity to Turkey. In January 2008, Vestas established an office in Istanbul and today also has three warehouses and service locations in the country. By developing a top-class local value chain in Turkey, Vestas and the expansion of Turkey’s wind capacity continue to create local jobs and capabilities.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and over 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas wins 53 MW EPC order and 20-year service contract in Germany

A consortium of Holcim (Deutschland) GmbH and mdp GmbH places order for 16 V112-3.3 MW turbines for the Rethwisch wind power plant in Schleswig-Holstein, Germany.

The order comprises an Engineering, Procurement, and Construction (EPC) contract along with a 20-year full-scope service agreement (AOM 5000) and VestasOnline® Business SCADA solution. Wind turbine delivery and commissioning is planned to begin in the fourth quarter of 2016.

The Rethwisch wind power plant is Vestas’ first large-scale EPC project in Germany. It leverages the company’s global EPC experience and satisfies an increasing market demand. Vestas’ EPC offering is modular by nature. From an array of services, the customer can choose the scope that suits each individual project’s specific requirements.

“We chose Vestas’ EPC offering because it enables us to focus our time and resources on our core competency – project development – and thereby increase our efficiency. This will be increasingly important going forward to compete in the new auction system”, says Hans Helmut Kutzeer, Managing Director of mdp GmbH.

The V112-3.3 MW is part of Vestas’ successful 3 MW platform. With five rotor variants, two nacelle configurations, multiple power modes, and 15 hub heights, the 3 MW platform enables an optimal turbine configuration for each unique wind site, maximising annual energy production (AEP) and optimising levelised cost of energy (LCOE).

“Winning the first full scope EPC contract in Germany is another important milestone for us. We are very pleased that Holcim (Deutschland) GmbH and mdp GmbH use the V112-3.3 MW turbine, one of our top performers for high-wind sites, for this project in Schleswig-Holstein. Combining the turbine order with the AOM 5000 service agreement, we look forward to working with our partners to help them achieve maximum return on their investment over the lifetime of the wind power plant”, says Nils de Baar, President of Vestas Central Europe.

About Vestas Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of CO2 every year, while at the same time building energy security and independence. Today, Vestas has installed turbines in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than our closest competitor and more than 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

The headquarters of Vestas Central Europe is located in Hamburg, Germany. The business unit is responsible for the sales and marketing of wind power systems as well as for the installation and operation of wind power plants in Germany, Benelux, Austria, Russia, Eastern Europe and Southern and Eastern Africa.

Vestas entered the German market in 1986. Since then, the company has delivered more than 7,200 turbines representing a total capacity of about 11,100 MW to this key market. Vestas’ full wind energy value chain is represented in Germany; R&D, production, sales locations and a unique service infrastructure as well as business unit headquarters. Vestas employs around 2,300 people in Germany.

Vestas secures 53 MW order in the United States

Vestas has received a firm and unconditional order from Xcel Energy Inc. for 53 MW of V110-2.0 MW turbine components.

The firm order serves as the PTC Safe Harbor order for the proposed 600 MW Rush Creek project, and will be delivered to Xcel Energy in December 2016. The order follows a conditional agreement to supply up to 300 V110-2.0 MW turbines for Xcel Energy’s 600 MW Rush Creek Wind Project (ref. company announcement No. 13/2016 on 13 April 2016). Xcel Energy filed an application for approval of the project with the Colorado Public Utilities Commission (CPUC) in May 2016.

Turbine nacelles, blades, and towers will be produced at Vestas’ Colorado factories.

“We are honored to build on our strong relationship with Xcel Energy, and as part of the largest wind project in the state, to help deliver clean, low-cost wind energy to Colorado households with Colorado-manufactured nacelles, blades and towers,” said Chris Brown, President of Vestas’ sales and service division in the United States and Canada.

“Our partnership with Vestas in securing turbines for the proposed Rush Creek Wind Project is an integral part of the overall ‘Our Energy Future’ vision for the state of Colorado,” said David Eves, president, Xcel Energy – Colorado. “We are particularly gratified that Rush Creek, which will be the state’s largest and most cost-effective wind farm, will generate electricity for our customers with turbines built in Colorado.”

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and over 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas wins 26 MW order in Greece

The project will consist of eight V112-3.3 MW turbines and is CNI S.A’s first order with Vestas.

The firm and unconditional order placed by CNI S.A is for a 26 MW wind park to be located in the Arcadia region in southern Greece. The contract comprises supply and installation of the wind turbines as well as a 15-year AOM 4000 service agreement to guarantee and optimise performance of the wind turbines. Turbine delivery is planned for the first quarter of 2017, whilst commissioning is expected in the second quarter of 2017.

According to Marco Graziano, President of Vestas Mediterranean, “This order is the result of a partnership with CNI S.A that has been evolving for the last five years and on which we look forward to continue building going forward. Vestas has been active in the Greek market for more than 10 years and will continue to be so in the years to come”.

Nikos Konstantopoulos, President of CNI S.A. says that “The Vestas Hellas team did well to find common ground and solutions during negotiations, and we are confident that project execution will also be carried out in the same spirit. The V112-3.3 MW Vestas model meets our expectations, and since we will continue to invest in the wind energy sector in Greece, we look forward to a long and fruitful co-operation with Vestas for projects to come”.

Vestas has delivered more than 1.1 GW of wind power capacity to Greece.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and over 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 30 MW order in Vietnam

For its first ever wind power project, Vietnamese customer Tan Hoan Cau Joint Stock Corporation (THC) has placed an order for 15 Vestas V100-2.0 MW turbines.

The order is for the Huong Linh 2 Wind Farm in the Quang Tri Province in Vietnam’s north central coast region.

“For our very first venture into the wind energy business, we wanted to be in good and capable hands – and we found that with Vestas. We are impressed with the technological advancement of Vestas’ products and their ability to match the right turbine for each specific wind site as well as their proven track record and extensive experience within the industry”, says Mai Van Hue, Chairman of THC.

Chris Beaufait, President of Vestas Asia Pacific and China adds that “Vietnam is a country with abundant wind resources - among the richest in South-East Asia – and wind power represents an independent, competitive, and clean energy source to tackle the growing electricity demand in the country. We’re looking forward to the successful execution of the Huong Linh 2 wind farm project, and view this as the foundation for a promising future cooperation with our new customer, Tan Hoan Cau Joint Stock Corporation”.

The order comprises supply and commissioning of the wind turbines as well as a five-year Active Output Management (AOM) 4000 service contract, in which Vestas guarantees a defined level of availability and performance. The order also includes SCADA VestasOnline Business for data-driven monitoring and preventive maintenance. Delivery and commissioning are expected in late 2016 and early 2017.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and over 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Information in the market regarding agreement in the USA

Vestas has been informed that MidAmerican Energy Company has filed a notice with the Iowa Utilities Board highlighting an agreement between Vestas and MidAmerican Energy Company with a potential of up to 2,000 MW in the USA.

Vestas can confirm that Vestas has entered into a conditional agreement with MidAmerican Energy Company (“MidAmerican”) to supply up to 1,000 V110-2.0 MW wind turbines for MidAmerican’s 2,000 MW Wind XI project in Iowa, which is still pending approval from the Iowa Utilities Board (IUB).

The conditional agreement comprises supply and commissioning of the wind turbines as well as a 5-year Active Output Management (AOM) 4000 service agreement with options to extend for up to 10 years. Pending the IUB approval, delivery and commissioning of the turbines will occur from 2016 to 2019.

“This project, if approved, will bring considerable economic benefits to MidAmerican's rate payers and communities, and Vestas is proud to partner with MidAmerican Energy in their commitment to generate 100 percent renewable energy,” said Chris Brown, President of Vestas’ sales and service division in the United States and Canada.

MidAmerican Energy Company, a subsidiary of Berkshire Hathaway Energy, is the largest regulated utility owner of wind energy in the USA. With the investment in Wind XI, the utility will generate 85 percent of its retail load from wind.

If and when the agreement translates into orders that meet Vestas’ definition for firm and unconditional orders, Vestas will disclose company announcements announcing specific orders under the agreement in accordance with its defined order announcement policy. Potential future order intake under the agreement is expected to occur as partial deliveries under the master agreement and hence, will be announced firm and unconditional when they occur as such.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Vestas receives 48 MW order in China

The order for 24 Vestas V110-2.0 MW wind turbines was placed by long-time customer China Longyuan Power Group Corporation.

China Longyuan Power Group Corporation has the largest installed wind capacity in China. Its Vice General Manager, Huang Qun, says that “We decided to work with Vestas once again on this project, based on our previous experience with their turbines’ reliability on our many diverse wind sites – and we are of course expecting this project to be another successful cooperation”.

The order includes a three-year Active Output Management 4000 service contract, in which Vestas guarantees a defined level of availability and performance, and a SCADA VestasOnline Business for data-driven monitoring and preventive maintenance. Delivery and commissioning of the turbines are expected in the last quarter of 2016.

“As we celebrate Vestas’ 30th anniversary in China this month, we are pleased to build on our long-term partnership with Longyuan, and we believe that this new order once again emphasises that Vestas is a valued partner for our Chinese customers”, says Chris Beaufait, President of Vestas Asia Pacific and China.

In 2015, China accounted for about half of the world’s wind power installation. Since the erection of three Vestas turbines in 1986, which made up China’s first ever wind farm, Vestas has been deeply involved in the country’s wind power industry development. The three Vestas turbines ran well for 29 years until being retired in 2015.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and over 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

Marking its 30-year anniversary in the country, Vestas will manufacture and sell its V136-3.45 MW turbine and introduce an unprecedented level of service flexibility to the Chinese market.

Responding to global demand and Chinese customer interest, Vestas will introduce its largest onshore turbines to China. “We are continuously bringing our latest technologies, products, and service solutions to China, and we are determined to grow together with our partners in the country while simultaneously leveraging on the continuous supply chain localisation in China for global supply of the 3 MW platform. Our V136-3.45 MW turbine, which we will manufacture and intend to sell in China, is designed for exceptional energy capture, and it is ideal for the Chinese market”, says Chris Beaufait, President of Vestas Asia Pacific.

The V136-3.45 MW turbine combines Vestas’ largest onshore rotor diameter, the Vestas-patented Large Diameter Steel Tower technology, and Vestas’ most advanced blade design to-date. The turbine is the newest variant of the proven 3 MW platform, which is continuously optimised to strengthen Vestas’ product offerings, enabling Vestas to increase annual energy production (AEP), while at the same time decreasing sound emission levels.

We are also introducing our most flexible service offerings to China. Our customers can choose any combination of items to tailor the service package to their specific needs. In other words, whatever operation and maintenance strategies our customers are pursuing in China, we will be able to support them”, affirms Christian Venderby, Group Senior Vice President, Vestas Global Service.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and close to 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

Vestas receives 224 MW order in Québec

The order features the V117-3.45 MW turbine and introduces the 3 MW platform to Canada

With reference to Vestas Wind Systems A/S’ company announcement No. 20/2016 of 31 May 2016, Parc éolien Nicolas-Riou S.E.C., a limited partnership owner at 50% by EDF EN Canada Inc, a subsidiary of EDF Energies Nouvelles, and at 50% by the community partners Énergie Éolienne Bas-Saint-Laurent (ÉÉBSL) and the Régie intermunicipale de l’énergie Gaspésie-Îles-de-la-Madeleine (RIEGÎM), has placed a firm and unconditional order for 65 V117-3.45 MW turbines, to be deployed at the Nicolas Riou wind project in Québec, Canada. When complete, this order will take the installed capacity of V117-3.3/3.45 MW turbines globally across the 800 MW mark.

The order comprises supply and commissioning of the wind turbines as well as a 10-year Active Output Management (AOM) 5000 service agreement, which is a full-scope service package to maximize uptime, performance and energy production.

Turbine delivery is expected to begin in Q2 2017 with final commissioning scheduled for Q4 2017.
“We are pleased to build on our long-standing global relationship and to add to our over 2 GW of Vestas turbine orders throughout North America,”,” said Tristan Grimbert, President & CEO, EDF EN North America. “Our first implementation in the country with Vestas, the 2014 Blackspring Ridge project in Alberta, was marked by an exemplary team applying stringent safety standards as well as flexibility to meet the project’s construction demands. We look forward to another successful experience bringing Nicolas-Riou to completion.”
Vestas has deployed nearly 2,800 MW of turbines across all 10 Canadian provinces.
“We are very proud to build on our footprint in Canada and introduce our 3 MW platform to the Canadian market,” says Chris Brown, President of Vestas’ sales and service division in the United States and Canada. “This project will be the first V117-3.45 MW turbines in Canada, where the combination of a robust design and a large rotor make this turbine an outstanding choice to minimize the cost of energy throughout the life of the project. We’re happy to add this latest agreement to our strong strategic relationship with EDF EN Canada.”
Vestas most recently partnered with EDF EN Canada on the 300 MW Blackspring Ridge Wind Project in Alberta, comprising 166 V100-1.8 MW turbines.
The Nicolas-Riou wind farm project is the largest 50/50 community project in Canada.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and over 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

Vestas receives 224 MW order in Canada

Vestas has received a firm and unconditional order in Canada consisting of 65 V117-3.45 MW turbines with a total capacity of 224 MW, ref. company announcement no. 8/2015 of 18 February 2015.

Additional information about the project:

Customer:

Parc éolien Nicolas-Riou S.E.C., a limited partnership owner at 50% by EDF EN Canada Inc, a subsidiary of EDF Energies Nouvelles, and at 50% by the community partners Énergie Éolienne Bas-Saint-Laurent (ÉÉBSL) and the Régie intermunicipale de l’énergie Gaspésie-Îles-de-la-Madeleine (RIEGÎM).

Project name:

Nicolas-Riou

Location/Country:

Quebec, Canada

Number of MW:

224 MW

Number of turbines/turbine type

65 x V117-3.45 MW turbines

Contract type:

Supply-only

Contract scope: Supply-only

The contract covers supply and commissioning of the wind turbines, as well as a 10-year Active Output Management 5000 service agreement.

Time of delivery

Delivery of the wind turbines is expected to begin in second quarter of 2017, with commissioning planned for fourth quarter 2017.

UpWind Solutions is pleased to announce it has signed a multi-site service contract with Berkshire Hathaway Energy and its subsidiaries MidAmerican Energy Co. and PacifiCorp, to provide maintenance services for 1.75 GW of GE 1.5 S & SLE turbines across 15 sites located in Iowa, Wyoming, and Oregon.

“As a leading utility owner of wind generation in the West, we are pleased to engage UpWind Solutions as our service provider and will count on their breadth of experience to realize the full value of our wind turbine fleet,” said Tom Woodworth, Vice President, Renewable Resources, PacifiCorp.

UpWind Solutions was acquired by Vestas in December 2015, in recognition that customers are increasingly demanding a life-time fleetwide service provider that can maximize performance across a variety of turbine models.

“The wind turbine service industry is transforming, and we are proud to lead from the front of that transformation as we set a new standard for service excellence, not limited by the traditional definitions of OEM vs. ISP, focusing on ‘what’ and ‘how’ we deliver exceptional results, rather than ‘who.’ We believe the role of a service provider expands beyond simply selling services. This agreement confirms that hypothesis and demonstrates the value we can deliver to our customers. We are proud to partner with MidAmerican Energy and PacifiCorp to extract the full lifetime value of their turbines,” says Peter Wells, President, UpWind Solutions.

“This is a great achievement and validates the market strength we see in UpWind Solutions. This partnership confirms they are the trusted fleetwide enabler of production for multi-brand customers,” said Chris Brown, President of Vestas’ North American sales and service organization.

About UpWind Solutions
UpWind Solutions is the wind industry’s most comprehensive independent service provider of maintenance, performance engineering, upgrades & repairs, parts, and technical support services. They operate and maintain over 3 GW of all major OEM technologies in North America. For additional information visit: www.upwindsolutions.com.

Vestas extends maturity on revolving credit Facility

Vestas has a EUR 1,050m revolving credit and bonding facility (the “Facility”) from a group of seven banks (ref. Company announcement No. 29/2015). The facility documentation includes an option for Vestas to request the lenders to accept extension of the final maturity at the first and second anniversary of the Facility.
As per today, Vestas has exercised the first option and obtained consent from all lenders to extend the final maturity of the Facility to 3 June 2021.

Capital Power Corporation (TSX: CPX) has placed a firm and unconditional order for 54 V117-3.3 MW turbines, to be deployed at the 178 MW Bloom Wind Project in Kansas.

The order includes a five-year Active Output Management (AOM) 5000 service agreement, which is a full-scope service package to maximize uptime, performance and energy production.

Manufacturing and shipment is mainly expected to occur in 2016, whereas commissioning is scheduled for the first and second quarter of 2017.

“We are pleased to build on our long-standing relationship with Vestas and to expand our growing wind portfolio into Kansas,” said Brian Vaasjo, President and CEO of Capital Power. “The Vestas turbines we have at other projects in North America have performed well in a variety of wind resource areas, and we expect this project to enjoy similar success.”

Since its launch in 2010, Vestas has sold over 14 GW of the 3.0 MW turbine platform globally, proving the platform’s versatility and ability to provide an optimal turbine configuration across each unique wind site.

“Our 3 MW turbine platform is proving its versatility across a variety of North American wind regimes, and we are starting to see much broader deployment across the mid-western wind belt,” says Chris Brown, President of Vestas’ sales and service division in the United States and Canada. “This project will be the first V117-3.3 MW turbines Kansas, where the combination of a robust design, outstanding grid support, and a large rotor make this turbine an outstanding choice to minimize the cost of energy throughout the life of the project. We’re very happy to add this latest agreement to our growing strategic relationship with Capital Power Corporation.”

The Bloom wind project will generate enough electricity to power approximately 67,000 Kansas households with clean energy annually.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 57,300 wind turbines currently reduces carbon emissions by over 82 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 21,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 50 percent more megawatts installed than anyone else in the industry and over 75 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

About Capital Power Corporation
Capital Power (TSX: CPX) is a growth-oriented North American power producer headquartered in Edmonton, Alberta. The company develops, acquires, operates and optimizes power generation from a variety of energy sources. Capital Power owns more than 3,200 megawatts of power generation capacity at 18 facilities across North America.

Disclosure requirement regarding share capital and number of votes as per 29 April 2016

As per announcement of 28 April 2016, Vestas Wind Systems A/S has completed a capital reduction of nominal value DKK 2,529,786 representing 2,529,786 shares of DKK 1 nominal value each in connection with cancellation of treasury shares, ref. company announcement No. 15/2016.

Pursuant to section 10 of Executive Order No. 1258 of 9 November 2015 on Issuers’ Disclosure Obligations, we are pleased to confirm that as per 29 April 2016, Vestas Wind Systems A/S has a share capital of nominal value DKK 221,544,727. The share capital consists of one share class, and each share of DKK 1 carries one vote corresponding to a total number of voting rights of 221,544,727.

Share-based incentive programme 2016

The Board of Directors of Vestas Wind Systems A/S has decided to continue the share-based incentive programme for all participants, including the Executive Management, and make a new launch for 2016 based on the terms and conditions governing the restricted performance share programme for the year 2015, cf. Vestas’ remuneration policy and general guidelines for incentive pay.

The share-based incentive programme follows the structures of the previous programme and will still be based on restricted performance shares. The programme has a performance period of three years and a performance measurement based on financial key performance indicators as well as the Vestas Group’s market share as defined by the Board of Directors.

The number of shares to be granted is based on a target level for each corporate level. No payments for any grants are made by the participants. If all KPIs are reached on target level, a total of 280,000 shares will be granted from the programme with a total present value calculated based on the current share price amounting to EUR 17m (value at close of Nasdaq Copenhagen on 28 April, 2016). For 2016, the target number of shares for the Executive Management will be 86,000 shares in total.

The actual number of restricted performance shares available for distribution may range between 0 and 150 percent of the target level and is determined by Vestas’ performance in the financial years 2016, 2017 and 2018. The maximum grant of shares under the programme in total is 420,000 shares based on full performance achievement.

Time of grant

The restricted performance shares are to be granted in two equal portions in 2019 and 2021.

Key Performance Indicators

The KPIs for all three performance years are based on Vestas’ performance on earnings per share (EPS), return on invested capital (ROIC), as well as the Vestas Group’s market share estimated by a predefined, independent, well-reputed supplier of such data.

Conditions

The restricted performance shares are governed by the specific terms and conditions of the programme and subject to mandatory law. If a participant chooses to leave Vestas before the time of grant, the participant’s rights to receive the shares will generally lapse.

Adjustments to the programme

The number of shares available for grant may be adjusted in the event of changes in Vestas’ capital structure. Further, in the event of a change of control, merger, winding-up or demerger of Vestas, an accelerated grant may extraordinarily take place. In the event of certain transfers of activities or changes in ownership interests within the Vestas Group, adjustment, replacement of the programme and/or settlement in cash of the programme entirely or partly may also take place.

Earnings improved, while revenue and free cash flow decreased compared to the first quarter of 2015. Strong order intake and backlog at highest level recorded. Outlook for 2016 maintained.

Summary: In the first quarter of 2016, Vestas generated revenue of EUR 1,464m – a decrease of 4 percent compared to the year-earlier period. EBIT before special items increased by EUR 6m to EUR 85m. The EBIT margin before special items was 5.8 percent compared to 5.2 percent in the first quarter of 2015 and the free cash flow amounted to EUR (296)m compared to EUR 146m in the first quarter of 2015.

The intake of firm and unconditional wind turbine orders amounted to 2,403 MW in the first quarter of 2016. The value of the wind turbine order backlog amounted to EUR 8.6bn at 31 March 2016. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 9.4bn at the end of March 2016. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 18.0bn – an increase of EUR 3.0bn compared to the year-earlier period.

Group President & CEO Anders Runevad said: “Vestas delivered record-high first quarter order intake as well as our largest ever combined wind turbine and service order backlog. EBIT margin also improved, while free cash flow, although at negative levels, was in line with expectations as we build up inventory preparing for a busy remainder of 2016. Full-year guidance remains unchanged”.

On 30 March 2016, the Annual General Meeting of Vestas Wind Systems A/S adopted the proposal to reduce the Vestas' share capital by DKK 2,529,786 nominally by cancelling 2,529,786 shares from Vestas’ holding of treasury shares. The reduction of the share capital has been completed and registered today.

The order is for the Solberg wind power plant in Västernorrland, northern Sweden, and includes Vestas’ De-icing System, supply, installation, and commissioning of the turbines as well as a five-year Active Output Management service agreement (AOM5000). The Finland-based Fortum Generation plans to enter into the project with Swedish power company, Skellefteå Kraft AB.

“This will be our second wind power plant in Sweden, and we are looking forward to good cooperation with Vestas in this important and exciting project. The Solberg project done in collaboration with leading partners in the sector supports our ambition of growing within wind and solar, through development of new projects and selective acquisitions”, says Kari Kautinen, Senior Vice President, M&A and Solar & Wind Development at Fortum.

Klaus Steen Mortensen, President at Vestas Northern Europe adds that: “We are happy to announce our first project with Fortum, which we will work to ensure is only the beginning of a great collaboration with both Fortum and Skellefteå Kraft in the years to come. With more than 1 GW of orders for our 3 MW platform in Sweden, this project once again proves the platform’s competitiveness and versatility in markets with both low power and green certificate prices”.

Turbine delivery is expected to begin in the third quarter of 2017, with commissioning expected to start in the fourth quarter of 2017.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 56,800 wind turbines currently reduces carbon emissions by over 78 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 20,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and close to 74 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Mitsubishi Heavy Industries Ltd. will not exercise the option to change the ownership ratio of MHI Vestas Offshore Wind A/S

Vestas has been notified that Mitsubishi Heavy Industries Ltd. (MHI) will not exercise the option to change the ownership ratio of MHI Vestas Offshore Wind A/S ref. company announcement No. 41/2013 of 27 September 2013. Equity ownership ratios in MHI Vestas Offshore Wind A/S will consequently remain at 50 percent for each of MHI and Vestas.

“We believe that unchanged ownership shares is the best way to support the further development of the joint venture while showing the strong partnership and equal contribution from the two parent companies to the market”, says Michisuke Nayama, President and CEO, Energy & Environment, Mitsubishi Heavy Industries Ltd.

Vestas President and CEO Anders Runevad says, “There is an excellent collaboration between MHI and Vestas in the joint venture, whose business is developing according to plan. We have said from the beginning that the exact ownership structure has no real impact on the day-to-day running of the business, and that remains the case with MHI’s decision. We look forward to building on the productive working relations with MHI and to MHI Vestas Offshore Wind’s continued success.”

In cooperation with the Technical University of Denmark, Vestas is installing a concept demonstrator to test the technical feasibility to operate and control a multi-rotor turbine.

Continuing to reduce the levelised cost of energy (LCOE) over the long-term will require new solutions and a new way of thinking. With this concept demonstrator, Vestas challenges the core scaling rules that turbines have to grow in size to increase their energy output as well as transport and installation challenges in some markets. Many new load and control features will need to be developed, tested, and proven to assess the technical and eventually the commercial feasibility of the concept, and first after successful demonstration will Vestas know more about the possible use of the technologies.

“Installing a concept turbine shows that innovation sometimes entails entirely new thinking and new approaches. This process of continuous innovation and exploration is extremely important. It provides us with essential knowledge that can help us bring down our products’ cost of energy and integrate key technologies to solve our customers’ challenges. Ultimately, the goal is to assess if we can build an even more cost-efficient turbine by challenging the scaling rules”, says Jorge Magalhaes, Senior Vice President, Vestas Innovation & Concepts.

Anders Vedel, Executive Vice President, Vestas Technology & Service Solutions adds that: “As a global company, it is essential that Vestas’ product portfolio remains versatile enough to deliver high performance in a wide array of different market conditions – and also innovative enough to succeed in markets with different energy systems and requirements. And we see a great opportunity – and need – to continuously explore alternative concepts to cover the world’s rapidly growing energy demand in a sustainable way, while simultaneously continue lowering the cost of energy our products deliver”.

With the Technical University of Denmark as a research partner, the multi-rotor concept demonstrator is being erected at the Risø test site near Roskilde, Denmark, where it will be studied closely in the coming years in order to test specific functionalities.

For photos and additional information about the project, please visit: www.vestas.com/multirotor. An illustration is provided below.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 56,800 wind turbines currently reduces carbon emissions by over 78 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 20,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and close to 74 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

Vestas receives 172 MW of orders in Brazil

The orders are the first Vestas has announced in Brazil in 2016 and consist of six wind farms

Vestas will supply 86 units of V110-2.0 MW turbines for projects totalling 172 MW located in the state of Bahía in northeastern Brazil. The contracts comprise supply and installation of the wind turbines in compliance with the local content requirements set by the BNDES. Turbine delivery is planned for the second quarter of 2017, whilst commissioning is expected in the fourth quarter of 2017.

Marco Graziano, President of Vestas Mediterranean says that “Today’s orders cover six different sites across Bahía and is a great example of how well-suited the V110-2.0 MW is for Brazil, its wind conditions and geographical span. Brazil was Vestas’ fifth largest market for order intake in 2015, and we have a strategic ambition to grow further there. With our increased presence, order intake and BNDES-accreditation, we are on the right track”.

Vestas has been present in Brazil since 2000 and announced 376 MW in firm orders in 2015. In addition to the sales office in Sao Paulo, Vestas has recently inaugurated a hub and nacelle production facility in Aquiraz (Ceará) as well established a successful partnership for producing blades and generators locally.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 56,800 wind turbines currently reduces carbon emissions by over 75 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 20,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and nearly 74 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

Vestas receives 27 MW order in Spain

Vestas will supply and install 15 V100-1.8 MW wind turbines for the Ausines wind farm. This will be the first larger-scale wind farm to be built in Spain in two years.

Vestas has received a firm and unconditional order for a 27 MW wind energy project to be located in Burgos, northern Spain. The order comprises supply, installation and commissioning of the wind turbines and a five-year Active Output Management (AOM) 4000 service agreement, a full-scope service package to maximise uptime and performance. Turbine delivery is scheduled for the third quarter of 2016, whilst commissioning is expected for the fourth quarter of 2016.

With a target of generating 20 percent of its electricity needs from wind by 2020, Spain has traditionally been a strong advocate for wind energy, but has seen low activity in recent years. Marco Graziano, President of Vestas Mediterranean, says, "This new project is good news for Spain as it moves towards its 20 percent target and helps electricity prices go further down. It is also good news for the energy sector as it once again proves how competitive wind energy is and that it can provide a strong business case where the wind allows”.

Vestas has played a key role in developing the wind energy industry in Spain since it installed its first wind turbine in the country in 1990. Vestas has installed 128 wind farms in Spain, corresponding to more than 4 GW of the country’s total wind installed capacity, currently at 23 GW*.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 56,800 wind turbines currently reduces carbon emissions by over 75 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 20,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and nearly 74 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

The firm and unconditional order has been placed by long-term customer Datang Renewables for the Gaoqiao wind park in the Huludao city of northeastern China’s Liaoning Province.

Comprising 24 units of Vestas’ V110-2.0 MW turbine, the order brings Datang’s fleet of Vestas turbines to more than 900 MW.

"We decided to work with Vestas again on this project because our existing Vestas fleet has proved its outstanding performance and stability, while simultaneously providing the best possible business case for us at each specific wind site,” says Li Lizhuo, General Manager of Datang Huludao Renewables.

Chris Beaufait, President of Vestas Asia Pacific and China, adds that “We are very pleased to work with our long-term Chinese customer, Datang Renewables, on this project, and it confirms that our China strategy is indeed on track. The order is a testament to the long-term performance of Vestas’ products as well as our ability to evolve with our customers and continuously offer the best possible solutions while lowering the cost of energy”.

The order includes two-year Active Output Management (AOM) 4000 service contract in which Vestas guarantees a defined level of availability and performance, and a SCADA VestasOnline Business for data-driven monitoring and preventive maintenance. Delivery and commissioning of the turbines are expected in the second half of 2016.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 56,800 wind turbines currently reduces carbon emissions by over 78 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 20,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and close to 74 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas wins large-scale customised service order in China

The 600 MW firm and unconditional service contract is a customised and flexible solution covering all Vestas wind turbines installed for long-term customer Hanas Group.

The service order comprises a one-year Active Output Management (AOM) 4000 service agreement and a four-year Portfolio Support agreement, which is a flexible Vestas service offering tailor-made to meet specific customer needs. The order covers all 12 Hanas Group wind power plants in Yanchi County of northwestern China’s Ningxia Hui Autonomous Region.

President of Hanas Group Ma Fuqiang notes that “The cooperation and mutual trust between Hanas and Vestas is entering into a new stage with the signing of this customised service contract. It is essential for us to work with companies like Vestas, which is known for its innovative and ground-breaking solutions as well as its proven know-how and solid experience. The service agreement will enable us to improve energy production, enhance service quality, and grow our own service capabilities to a world class quality, hence, reduce the overall cost of energy, extend turbine lifetime and ensure our return of investment”.

“We look forward to continuing the long-term partnership with Hanas Group and to helping them lower the cost of energy through these tailor-made service solutions. Working with Hanas Group on a customised order of this volume confirms our service strategy in China is well-designed to meet evolving customer needs”, says Chris Beaufait, President of Vestas Asia Pacific and China.

Since Hanas Group entered the wind power market in 2011, Vestas has been its exclusive turbine supplier. Hanas Group’s fleet of Vestas turbines totals 600 MW of installed capacity, with several hundred additional MW currently under construction. Today, Vestas is the largest service provider in the industry with more than 15 percent of the worldwide wind turbine fleet under service.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 56,800 wind turbines currently reduces carbon emissions by over 78 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 20,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and close to 74 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas Wind Systems A/S’ Annual General Meeting on 30 March 2016

The Annual General Meeting of Vestas Wind Systems A/S has been held today.

Agenda and resolutions

1. The Board of Directors’ report on the company’s activities during the past yearThe report is not a subject for voting. The Annual General Meeting took note of the report.

2. Presentation and adoption of the annual report
The annual report 2015 was approved.

3. Resolution for the allocation of the result of the year according to the adopted annual report
The Board of Directors’ proposal for allocation of the result of the year, including a dividend of DKK 6.82 per share to be paid out for 2015, was approved.

5.1. Approval of the final remuneration of the Board of Directors for 2015
The Board of Directors proposed that the remuneration of the Board of Directors and the members of board committees remain unchanged as pre-approved by the general meeting in 2015. The final remuneration of the Board of Directors and the members of the board committees for 2015 was approved.

5.2. Approval of the level of remuneration of the Board of Directors for 2016
The Board of Directors proposed that the level of remuneration for 2016 be based upon a fixed basic remuneration of DKK 400,000 per board member, with two times and three times the basic remuneration for the deputy chairman and chairman, respectively, as well as remuneration of DKK 250,000 per board committee membership, and DKK 450,000 to each board committee chairman. The proposal was approved.

6. Appointment of auditorPricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab was re-appointed as auditor of the company.

7. Proposals from the Board of Directors

7.1. Reduction of the company’s share capital
The Board of Directors proposed that the company’s share capital be reduced from nominally DKK 224,074,513 to nominally DKK 221,544,727 through cancellation of treasury shares. The proposal was approved.

7.2. Renewal of the authorisation to acquire treasury sharesThe Board of Directors’ authorisation to acquire treasury shares on an ongoing basis until 31 December 2017 equal to 10 percent of the share capital was approved.

7.3. Disclosure of company announcements in English
The Board of Directors proposed that the company’s articles of association be amended so that the company in the future can disclose company announcements in English only. The proposal was approved.

7.4. Amendment of the company’s remuneration policy for Board of Directors and Executive Management
The amendment to the remuneration policy to the effect that the additional annual fee to committee chairmen is reduced from 100 percent to 80 percent of the basic fee was approved.

8. Authorisation of the chairman of the general meeting
The chairman (with a right of substitution) was authorised to file and register the adopted resolutions with the Danish Business Authority and make such amendments as requested by the Danish Business Authority.

- - - - - - -

After the Annual General Meeting, the Board of Directors held a statutory board meeting. At the meeting, Bert Nordberg was re-elected as chairman of the Board and Lars Josefsson was re-elected as deputy chairman of the Board.

Change in communication policy regarding orders

As per 23 March 2016, Vestas will adjust the threshold for wind turbine and service orders to be disclosed to the market via company announcements to 200 MW and EUR 200m, respectively.
Note: to receive news releases on orders below the threshold, subscribing to a new distribution service is necessary. Please see below for details.

As per 23 March 2016, Vestas will adjust the threshold for wind turbine and service orders to be disclosed to the market via company announcements to 200 MW and EUR 200m, respectively.

Note: to receive news releases on orders below the threshold, subscribing to a new distribution service is necessary. Please see below for details.

As a listed company on Nasdaq Copenhagen, Vestas is obliged to ensure that everyone has equal access to essential information that may significantly affect the price of the Vestas share.

For wind turbine and service orders, the working definition that Vestas has followed as a general guideline until now has been to disclose firm and unconditional orders with a value in excess of DKK 500m (approx EUR 67m).

In light of the company’s growth since this threshold was defined and the actual impact observed on the Vestas share price of past announced orders, Vestas deems it appropriate to adjust the announcement policy accordingly.

Hence, as per 23 March 2016, Vestas will as a general rule disclose company announcements on all wind turbine orders with a total capacity of 200 MW or more.
For service orders, the corresponding threshold going forward will be EUR 200m.

It should be noted that this does not rule out that other factors deemed to have a significant impact on the Vestas share price can necessitate company announcements on orders below the mentioned threshold.

For orders received by the joint venture, MHI Vestas Offshore Wind A/S, for turbine types owned by the joint venture (i.e., on 8 MW platform orders), the new threshold will be 400 MW for wind turbine orders and EUR 400m for service orders, defined as before by the 50/50 percent split ownership.

Going forward, the same distribution service will be used for Vestas’ news releases, while the previous RSS feed will be terminated. Vestas will continue announcing firm and unconditional orders via news releases per current practice, including for orders below the revised threshold for company announcements.

Important: If you wish to receive news releases from Vestas going forward (on orders below the new threshold and other news), you will need to subscribe anew (LINK). Previous subscriptions will not be automatically transferred to the new distribution service. If you have any questions to the new distribution service, please write to ir@vestas.com.

Vestas wins 31 MW order in the UK under new Master Supply Agreement with EDF Energies Nouvelles

EDF Energies Nouvelles (EDF EN) has placed an order for nine V105-3.45 MW turbines, confirming the competitiveness of the 3 MW platform in the UK. The order is part of a new Master Supply Agreement (MSA) signed between EDF EN and Vestas.

EDF Energies Nouvelles (EDF EN) has placed an order for nine V105-3.45 MW turbines, confirming the competitiveness of the 3 MW platform in the UK. The order is part of a new Master Supply Agreement (MSA) signed between EDF EN and Vestas.

Vestas has received a 31 MW order for the Beck Burn wind project in northwest England. Building on the proven design of the 3 MW platform and emphasising the flexibility of Vestas' product portfolio, the V105-3.45 MW turbines are optimised to meet the demanding UK tip-height restrictions.

The order is part of a new MSA, structured as a share-of-wallet agreement, for EDF EN to purchase from Vestas a minimum of 45 percent of its future onshore wind installations in Europe and a minimum of 30 percent of its future onshore wind installations in the United States for deliveries in 2016 to 2019.

Antoine Cahuzac, CEO of EDF Energies Nouvelles says that “EDF Energies Nouvelles has plans to significantly grow its wind asset base; this long-term agreement will help us in reaching our goals as it offers the opportunity to secure flexibility and cost-efficiency for a lot of our upcoming wind projects. We do appreciate that Vestas operates in most of EDF Energies Nouvelles’ targeted countries”.

"We’re very happy to receive this UK order for the V105-3.45 MW turbine. This is the first time we are awarded a V105 project in the UK, and this once again emphasises the competitiveness and flexibility of our 3 MW platform in a market typically dominated by height restrictions and less efficient technologies. Both the 31 MW order and the frame agreement are the result of a close collaboration and a strong track record between EDF EN and Vestas", says President of Vestas Northern Europe, Klaus Steen Mortensen.

The 31 MW Beck Burn order includes supply, installation, and commissioning of the wind turbines as well as a Service and Availability Agreement (AOM 4000). Delivery of the wind turbines is expected to begin in the fourth quarter of 2016.

The MSA includes a VestasOnline® Business SCADA system and the option of establishing several schemes of service and maintenance contracts in different countries in close partnership with EDF EN.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 56,800 wind turbines currently reduces carbon emissions by over 78 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 20,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and close to 74 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas wins 31 MW order and 20-year service contract with German customer

The order for nine V112-3.45 MW turbines was placed by Windpark Jacobsdorf GmbH & Co. KG for repowering the Odervorland wind power plant in Brandenburg, Germany.

The order comprises supply, installation, and commissioning of the turbines, along with a 20-year full-scope service agreement (AOM 4000) and VestasOnline® Business SCADA solution. Wind turbine delivery and commissioning is planned to begin in the fourth quarter of 2016.

This order follows earlier orders that have been placed by MLK-Group, the developer of the wind power plant.

“Our long-term partnership with Vestas, the performance of the V112-3.45 MW turbine, and the optimal service package are the drivers behind our decision to once again rely on Vestas as turbine supplier and service partner for the entire life span of our wind power plant”, says Heinrich Lohmann, Managing Director of MLK-Group, which holds the majority of shares of the Windpark Jacobsdorf GmbH & Co. KG.

The V112-3.45 MW is part of Vestas’ successful 3 MW platform. With five rotor variants, two nacelle configurations, multiple power modes, and 15 hub heights, the 3 MW platform enables an optimal turbine configuration for each unique wind site, maximising annual energy production (AEP) and optimising levelised cost of energy (LCOE).

“We are very pleased that our long-time customer, Windpark Jacobsdorf GmbH & Co. KG, decided to use the V112-3.45 MW turbine, one of our top performers for high-wind sites, for this repowering project in Brandenburg. Combining the turbine order with the 20-year service agreement, we look forward to working with Windpark Jacobsdorf GmbH & Co. KG to help them achieve maximum return on their investment over the lifetime of the wind power plant”, says Nils de Baar, President of Vestas Central Europe.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 56,800 wind turbines currently reduces carbon emissions by over 78 million tons of CO2 every year, while at the same time building energy security and independence. Today, Vestas has installed turbines in 75 countries, providing jobs for around 20,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than our closest competitor and close to 74 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

The headquarters of Vestas Central Europe is located in Hamburg, Germany. The business unit is responsible for the sales and marketing of wind power systems as well as for the installation and operation of wind power plants in Germany, Benelux, Austria, Russia, Eastern Europe and Southern and Eastern Africa.

Vestas entered the German market in 1986. Since then, the company has delivered more than 7,100 turbines representing a total capacity of more than 10.8 GW to this key market. Vestas’ full wind energy value chain is represented in Germany; R&D, production, sales locations and a unique service infrastructure as well as business unit headquarters. Vestas employs around 2,000 people in Germany.

We invite you to learn more about Vestas by visiting our website at vestas.com and following us on our social media channels:

Vestas hires Senior Vice President for Corporate Strategy

As of 1 April 2016, Rasmus Lundsgaard Nielsen will join Vestas as Senior Vice President for Corporate Strategy, M&A and Global Intelligence.

The function's main responsibilities will be to shape the corporate strategic agenda in close collaboration with Vestas’ executive team, optimize and coordinate Vestas’ annual planning process, and provide the group with a unified market outlook.

Rasmus Lundsgaard Nielsen, 39, will be part of the Global Management Team.

Rasmus holds a Master of Science degree in Economics, Statistics and Strategic Planning from Aarhus School of Business. Furthermore, Rasmus has professional experience from a start-up within the medico technology sector, from business development, market intelligence and product management within a global consumer goods company, and close to eight years of management consulting experience from the Management Consultancy QVARTZ.

As a consultant, Rasmus has worked across several industries, from the Private Equity sector, Automotive, Telecommunications, and Consumer Goods to Renewables. During the last two years, Rasmus has supported Vestas with the development and refinement of the Corporate Strategy and the Annual Corporate Planning Process.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 56,800 wind turbines currently reduces carbon emissions by over 78 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 20,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and close to 74 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Hamnefjell Vindkraft AS, a joint venture by Finnmark Kraft AS and private investment company Ardian, has placed a 52 MW firm and unconditional order for 15 Vestas V112-3.45 MW wind turbines.

All turbines will feature the upgraded 3 MW platform, optimising the annual energy production and lowering the levelised cost of energy. The Vestas turbines have been ordered for the Hamnefjell Wind Farm, which will be located in the north eastern part of Norway – a region known for its high-wind conditions.

The contract comprises supply, installation, and commissioning of the wind turbines as well as a 15-year Active Output Management (AOM) 5000 service agreement, ensuring maximum efficiency.

Lise Mette Heggheim, CEO from Hamnefjell Vindkraft, says that “Together with our partners and Vestas, we will build what will be one of the northernmost wind projects in Europe on a location offering outstanding wind resources. This project will strengthen our ambition to be in the forefront of renewable energy development in our region, and will simultaneously increase the local security of energy supply”.

“We are delighted to be chosen as both the turbine and service provider for the Hamnefjell Wind Farm, and to work together with Finnmark Kraft and Ardian. This project is significant as it showcases Norway’s wind energy potential as well as the 3 MW platform’s fit for the Norwegian market. And the 15-year service agreement echoes the momentum we are experiencing within our service business”, says Klaus Steen Mortensen, President, Vestas Northern Europe.

Delivery of the wind turbines is expected to begin in the second quarter of 2017.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 56,800 wind turbines currently reduces carbon emissions by over 78 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 20,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and close to 74 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 53 MW order in Uruguay

Vestas will supply 16 units of the V126-3.3 MW turbine for the Vientos de Pastorale wind farm in Uruguay. This will be Cobra’s second project with Vestas in the country.

Vestas has received a firm and unconditional order for a 53 MW wind power project to be located in Villa Pastora, in the southwestern province of Flores, Uruguay. The order for 16 V126-3.3 MW wind turbines was placed by TaxWay S.A., the Uruguayan subsidiary of the Spain-based Cobra group, a leading company specialising in developing industrial infrastructure worldwide.

The order comprises supply, installation and commissioning of the wind turbines as well as a 10-year Active Output Management (AOM) 4000 service agreement, a full-scope service package to maximise uptime and performance. Turbine delivery is scheduled for the third quarter of 2016, whilst commissioning is expected for the first quarter of 2017.

The Vientos de Pastorale wind power plant will have an estimated annual production of 223 GWh, enough to cover the electricity consumption of approximately 50,000 Uruguayan households with clean energy annually. The V126-3.3 MW wind turbine allows for higher energy capture in areas with low-to-medium wind, producing more energy at a reduced cost.

“With 344 MW already installed and around 170 MW under construction, Vestas leads Uruguay’s wind energy industry with approximately 35 percent market share. Vientos de Pastorale will be the second project that Vestas signs with Cobra and we look forward to putting our expertise and cutting-edge technologies at the disposal of such a valued partner”, says Marco Graziano, President of Vestas Mediterranean.

In 2015, Vestas announced 120 MW of new orders in Uruguay. With the 53 MW project announced today, Vestas takes a step further in consolidating its market leading position in the country, which aims to produce 38 percent of its electricity needs from wind power by 2017.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 56,800 wind turbines currently reduces carbon emissions by over 75 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 20,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and nearly 74 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas wins 45 MW order in Denmark

Vestas further strengthens its leading position in Denmark with a 45 MW order placed by Hogager Vindpark K/S in Western Jutland, Denmark.

The firm and unconditional order comprises 21 V100-2.0 MW wind turbines, 17 of which will be delivered in power optimised mode to 2.2 MW. The wind park will be placed near Hogager in the municipality of Hol-stebro in Denmark.

The order for the wind power plant includes supply, installation and commissioning of turbines, along with a 10-year Active Output Management (AOM) 4000 service agreement.

The order comes at a time with low energy prices and uncertainty around the long-term regulatory framework for onshore wind in Denmark. Being firmly rooted in local community ownership, the order also highlights the continued interest for onshore wind despite challenging market conditions.

“Denmark continues to be an important market for Vestas and we are proud to be delivering Denmark’s soon-to-be third largest onshore wind park”, says Klaus Steen Mortensen, President of Vestas Northern Europe, and continues: “The order is evidence of a home market with a strong local interest for onshore wind projects that we hope will be reflected in a long-term supportive framework”.

Delivery of the turbines is expected in the third quarter of 2016 with commissioning in the fourth quarter.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 56,800 wind turbines currently reduces carbon emissions by over 78 million tons of carbon dioxide every year, while at the same time building energy security and inde-pendence. Vestas has delivered wind energy in 75 countries, providing jobs for around 20,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and close to 74 GW of cumulative in-stalled capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas wins 268 MW service contract

Vestas extends a long-term service contract with a Spanish wind developer to maintain six wind parks, totalling 268 MW, for the remainder of their expected lifetime.

A Spanish wind project developer has extended a full-scope Active Output Management (AOM) 4000 service contract with Vestas to operate and maintain six wind parks in Spain. The AOM 4000 solution provides superior support in key areas, tailor-made to strengthen the customer’s business case.

President of Vestas Mediterranean, Marco Graziano, says that “We’re extremely pleased that this valued customer has decided to renew their service agreement for the six wind parks. This is a very significant agreement echoing the momentum that Vestas’ service business is experiencing through creating tailor-made service solutions to meet our customers’ specific needs of optimising energy output, minimising downtime, and extending turbine lifetime”.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 56,800 wind turbines currently reduces carbon emissions by over 75 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 20,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and close to 74 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

To the shareholders of Vestas Wind Systems A/S

Pursuant to article 4 of the articles of association, you are hereby convened for the Annual General Meeting of Vestas Wind Systems A/S on Wednesday, 30 March 2016 at 1:00 p.m. (CET) at the Concert Hall Aarhus (Musikhuset Aarhus), Thomas Jensens Allé, 8000 Aarhus C, Denmark.

Vestas awarded 1 GW order in Norway

Fosen Vind DA, a joint venture company owned by Statkraft, TrønderEnergi and the European investor consortium Nordic Wind Power DA consisting of Credit Suisse Energy Infrastructure Partners and Swiss utility BKW, has awarded Vestas its largest order ever.

Fosen Vind DA, a joint venture company owned by Statkraft, TrønderEnergi and the European investor consortium Nordic Wind Power DA consisting of Credit Suisse Energy Infrastructure Partners and Swiss utility BKW, has awarded Vestas its largest order ever.

Emphasising the flexibility of Vestas’ product portfolio, the record order includes 248 units of Vestas’ V117-3.45 MW and 30 units V112-3.45 MW turbines, all with power optimised mode to 3.6 MW. Building on proven performance, these upgraded 3 MW platform turbines will further increase energy production and lower the cost of energy.

“We are extremely proud to work with Statkraft and the partner organisations on this 1 GW project, which is Vestas’ largest order to date. The order affirms the competitiveness of Vestas’ wind power solutions and that wind power provides an attractive long-term energy investment that goes well beyond its climate and sustainability benefits. Investing in wind power simply makes economic sense”, says Klaus Steen Mortensen, President, Vestas Northern Europe.

The contract includes supply, installation and commissioning of the wind turbines as well as a two-year customised, full-scope service agreement, followed by a 20-year service and support agreement. Delivery of the first turbines is planned to take place in second quarter of 2018, with commissioning of the last wind power plant expected in fourth quarter of 2020.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 56,800 wind turbines currently reduces carbon emissions by over 78 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 75 countries, providing jobs for around 20,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and close to 74 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

Vestas receives 1 GW order in Norway

Vestas has received a firm and unconditional order for 30 V112-3.45 MW and 248 V117-3.45 MW turbines with power optimised mode to 3.6 MW, to be used for six wind power plants in Norway, with a total capacity of 1001 MW (ref. Company announcement No. 6/2016 disclosed earlier today).

Information in the market regarding projects in Norway

Today, there is information in the market regarding Vestas and projects in Norway.

Vestas can confirm, that Fosen Vind DA, a joint venture company owned by Statkraft, TrønderEnergi, and the investor consortium Nordic Wind Power DA, has selected Vestas for the delivery of wind turbines for six wind power plants totalling 1 GW in Norway.

Signing of the contract has taken place, and the resulting firm and unconditional order is expected to be forthcoming relatively soon. Following standard practice, however, Vestas will only disclose a company announcement at the moment when there is a firm and unconditional order in accordance with Vestas’ definition.

Vestas discloses this announcement based on Vestas’ obligation as a Danish listed company, ref. the Securities Trading Act, section 27(2).

Annual report 2015

Yet another year with strong financial and operational results

Summary: For full-year 2015, revenue amounted to EUR 8.4bn, EBIT margin before special items was 10.2 percent, total net investments was EUR 425m, and the free cash flow amounted to EUR 1,047m. This is largely in line with the latest expectations to revenue of EUR 8.0bn-8.5bn, EBIT margin before special items of 9-10 percent, total investments of approx EUR 400m, and free cash flow around EUR 750m-950m. The activity level and earnings of the period were driven by the stable execution of strong order books for wind turbines and service, both of which continued to grow during the year as a result of solid execution and a favourable market environment.

The wind turbine order intake increased from 6,544 MW in 2014 to 8,943 MW in 2015 and the value of the service order backlog increased by EUR 1.9bn to EUR 8.9bn.

For 2016, Vestas expects revenue to amount to minimum EUR 9bn including service revenue, which is expected to grow. Vestas expects to achieve an EBIT margin before special items of minimum 11 percent with the service EBIT margin remaining stable.

Total net investments are expected to amount to approx EUR 500m (incl. the acquisition of Availon Holding GmbH), and the free cash flow is expected to be minimum EUR 600m (incl. the acquisition of Availon Holding GmbH) in 2016.

As a result of the strong performance during the year, the Board of Directors recommends to the Annual General Meeting that a dividend of DKK 6.82 per share, compared to DKK 3.90 last year, and equivalent to 29.9 percent of the net profit for the year, be distributed to the shareholders.

“In 2015, we executed well on our profitable growth strategy, delivering strong financial and operational results across the board and across the globe. Vestas met or exceeded its full-year 2015 guidance on revenue, EBIT margin, and free cash flow; and delivered double-digit margins and its highest ever net profit. We also secured our highest ever order intake, doing so across 34 countries on five continents, which bodes well for continued high activity levels in 2016. The 20,507 Vestas employees deserve special thanks for the tremendous efforts everyone has made to create these very positive results for the company and our shareholders,” says Anders Runevad, Group President & CEO.

IMPAX Asset Management has placed a firm and unconditional order for 11 units of Vestas’ V112-3.3 MW wind turbine, demonstrating the strength of Vestas’ 3 MW platform in Ireland.

Reinforcing Vestas’ competitiveness in Ireland, the 3 MW platform is particularly well-suited for the Irish market, as it meets the country’s demanding grid connection requirements. The 36 MW order for the Glanaruddery wind farm in County Kerry includes delivery, installation, and commissioning as well as a 12-year Active Output Management (AOM) 5000 service agreement.

“We are pleased to see the continued market confidence in our V112-3.3 MW turbine in Ireland. This order emphasises the versatility of Vestas’ product portfolio and our ability to create the best possible solutions for our customers every time”, says Klaus Steen Mortensen, President, Vestas Northern Europe.

Victor Juttmann, Director, Impax Asset Management says that “This is our fifth project in partnership with Vestas, and we are happy to build on our strong relationship with them. The V112-3.3 MW turbine meets the stringent local requirements, and we believe that it is the most suitable turbine for the wind resources at this particular site”.

Ryan Cameron, Director, Impax Asset Management adds that "We think that the growth of the industry will be underpinned by the successful implementation of these next generation turbines. Therefore, this order is an important milestone clearly demonstrating our long-term commitment to the wind energy market in Ireland”.

Delivery and installation are expected in the third quarter of 2016 with commissioning expected in the fourth quarter of 2016.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 55,000 wind turbines currently reduces carbon emissions by over 60 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 74 countries, providing jobs for around 19,600 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and more than 71 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

About Impax Asset Management
Founded in 1998, Impax Asset Management is dedicated to investing in resource efficiency and environmental markets created by resource scarcity and the demand for cleaner, more efficient products and services. Impax, which employs 28 investment professionals and a similar number of support staff, has offices in London, Hong Kong, New York and Portland (Oregon). The firm manages or advises on approximately £3.1 billion (as at 31.12.2015.) for investors globally across listed and private markets strategies.

Long-term Vestas customer, Eolus Vind AB, has placed a firm and unconditional order for eight V126-3.3 MW wind turbines, confirming the competitive cost of energy of the Vestas 3 MW platform in the Swedish market.

The 26 MW order for the Kristinehamn-Långmarken wind project comes at a time of low electricity and green certificate prices in Sweden, which further emphasises the cost-competitiveness of Vestas’ wind turbine technology.

Per Witalisson, CEO, from Eolus says that “We are very pleased once again to work with Vestas on a Swedish wind project. We are especially satisfied with Vestas’ ability to deliver on all parameters – quality, performance, and cost of energy – the combination of which makes a strong business case”.

“This order is an example of how we together with our long-term customer, Eolus, can develop the right wind turbine solution in a market that is stable but with relatively low power prices. It is once again proof that investments in Vestas wind energy solutions are highly competitive, also when power and green certificate prices are low”, says Klaus Steen Mortensen, President, Vestas Northern Europe.

The 26 MW order includes delivery, installation, and commissioning as well as a five-year Active Output Management (AOM) 5000 service agreement. Delivery is expected to begin in the third quarter of 2016.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 55,000 wind turbines currently reduces carbon emissions by over 60 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 74 countries, providing jobs for around 19,600 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and more than 71 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

About EolusEolus Vind AB is one of the leading wind power developers in Sweden. Eolus is active in the whole value chain from development of green field projects to construction and operation of wind farms. Eolus offers attractive and competitive investments in the Nordic and Baltic countries to both local and international investors. Founded in 1990, Eolus has constructed 484 wind turbines of the approximately 3,100 wind turbines operating in Sweden. The Eolus Group currently owns an installed capacity of 42 MW and a yearly electricity production of 98 GWh. Eolus operates approximately 300 MW for customers and the company itself.

Vestas to acquire Germany-based independent service provider Availon

The acquisition strengthens Vestas’ capabilities to service a broad range of wind turbine technologies.

Vestas has today agreed to acquire Availon, a leading European independent service provider headquartered in Rheine, Germany, with approx 400 employees and a total capacity of more than 2.6 GW currently under service. Availon’s core market is Germany, while the company also has notable service activities in Austria, Italy, Portugal, Spain, Poland and the United States.

The transaction is subject to customary closing conditions, including approval from relevant competition authorities. Closing is expected to take place in the first quarter of 2016.

“Acquiring Availon is a natural next step in accelerating Vestas’ profitable growth strategy in the service business. Size and scale matter and the acquisition strengthens our capabilities to service most major turbine technologies and to capture market shares. Availon is a solid strategic fit and a great complement to our recent acquisition of UpWind Solutions in the United States”, says Group Senior Vice President Christian Venderby, Vestas Global Service.

“We are very pleased to welcome Availon and our new colleagues to the Vestas organisation”, says Nils de Baar, President of Vestas Central Europe. “Germany is our largest market in Europe, and Availon’s strong performance here and elsewhere will expand our joint service portfolio and bolster our position as a leading global service partner. I look forward to working with Availon’s highly professional management team and to ensuring that we execute and expand our combined order backlog”.

“Vestas and Availon share the same values in terms of safety, quality, customer satisfaction and reaching the highest availability possible. Combining forces will contribute to our jointly becoming the preferred fleetwide service partner for a wider range of customers and turbine technologies. We look forward to becoming part of such a passionate and forward-looking organisation”, says Availon’s CEO Ulrich Schomakers.

The acquisition price for Availon is EUR 88.0 million on a debt and cash free basis. The consideration will be paid in cash from readily available sources. For 2015 Availon is on a stand-alone basis expected to report consolidated revenues of EUR 59.8 million, normalised EBITDA of EUR 5.2 million and total assets of approx EUR 33.3 million. Availon will be included in Vestas’ financials from the time of closing.

Vestas receives its first order in Poland in 2016

Vestas continues its momentum in Poland with a 56 MW order placed by Energix Renewable Energies Ltd. for the extension of the Kozielice wind park.

Vestas is further strengthening its leading position in the important northern European Polish market, winning a firm and unconditional order for 18 V100-2.0 MW and 10 V110-2.0MW wind turbines for the Kozielice II wind park. The order is placed by Wiatromil Sp. z o.o. a fully owned subsidiary of Energix-Renewable Energies Ltd.

The order includes delivery, installation, and a 15-year Active Output Management (AOM) 5000 service agreement. Commissioning is expected to be finalised by the end of the second quarter of 2016.

Asa Levinger, CEO of Energix, said “Based on our previous experience with Vestas, we value the high product quality and reliability of Vestas’ 2 MW platform as well as Vestas’ track record for on-time installations. We are pleased to further strengthen our relationship with Vestas for this project and potentially for other projects of Energix Group in Poland and in other places”.

“We are very pleased to carry our momentum into 2016 with the order for Kozielice II. In 2015 we installed more than 750 MW of turbines in Poland while meeting strict project deadlines. This order shows that our customers continuously trust our ability to deliver a strong business case within a short period of time”. says Klaus Steen Mortensen, President, Vestas Northern Europe.

The Kozielice II wind farm is an extension of the 50 MW Kozielice wind farm, constructed in 2015 with turbines from Vestas’ 2 MW platform.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 55,700 wind turbines currently reduces carbon emissions by over 60 million tons of CO2 every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 74 countries, providing jobs for around 19,600 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 per cent more megawatts installed than our closest competitor and more than 71 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas inaugurates factory in Brazil

As part of its local production strategy, Vestas has inaugurated its hub and nacelle factory in Aquiraz, Brazil, at a ceremony attended by the Governor of Ceará, Camilo Santana, and key stakeholders from the Brazilian wind energy sector.

As part of its local production strategy, Vestas has inaugurated its hub and nacelle factory in Aquiraz, Brazil, at a ceremony attended by the Governor of Ceará, Camilo Santana, and key stakeholders from the Brazilian wind energy sector.

The new factory is part of Vestas’ plans to meet the increasing production demands in Brazil and Latin America, including the 376 MW of announced orders for projects in Brazil that Vestas received in 2015. In accordance with recent BNDES approval, Vestas expects to localise 70 percent of hub and nacelle manufacturing for the Brazilian market.

Speaking at the inauguration, Rogério Zampronha, General Manager for Vestas Brazil, said “With some of the best wind resources in the world, Brazil has a huge potential for wind power and remains one of Vestas’ key strategic markets. Our investment in this factory is a key part of providing our customers a strong business case here and underlines Vestas’ competitiveness in Brazil”.

The factory will produce hubs and nacelles for the V110-2.0 MW turbine model, recently awarded the “Wind Turbine of 2015” under its category “Onshore wind turbines up to 2.9 MW”.

In addition to the factory, Vestas has agreements with Aeris to produce blades and with ABB to produce generators locally and currently maintains 13 wind farms in Brazil, including the Xangri-lá (RS) wind farm which produces electricity for the Honda car manufacturing facility located in Sumaré, São Paulo.

Vestas has been present in the Brazilian market since 2000 and has since then installed 364 wind turbines that represent a total installed capacity of 713 MW.

About Vestas
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 55,700 wind turbines currently reduces carbon emissions by over 60 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 74 countries, providing jobs for around 19,600 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and close to 71 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas wins 76 MW project in South Korea

Vestas has received a firm and unconditional order for 22 V112-3.45 MW turbines from Hanwha E&C, one of the largest development and construction firms in Korea.

The project will be Hanwha E&C’s first wind park and Vestas’ third announced order in South Korea this year. The order for the YEP project, located in Young Yang in the eastern part of the country, will be South Korea’s largest wind park in the last 10 years. Delivery and commissioning are expected in 2017. Vestas will be responsible for the supply of wind turbines and supervision of installation.

"The YEP project is a significant and symbolic development for South Korea’s renewable energy market,” says Jung Maeng Hwa, General Manager of Hanwha E&C. “We are pleased to partner with Vestas on the YEP project and convinced that Vestas’ vast knowledge of wind energy and their proven 3 MW platform will ensure a strong business case throughout the project’s entire lifetime”.

“We welcome Hanwha E&C as a customer and are proud they have chosen our proven 3 MW platform for the YEP project”, says Danny Nielsen, Head of Vestas Pan-Asia. “The project is our third order in South Korea in 2015 and demonstrates our ability to provide competitive cost of energy anywhere the wind conditions allow.”

The project includes a 15-year Active Output Management 4000 service contract in which Vestas guarantees a defined level of availability and performance, and a SCADA VestasOnline Business for data-driven monitoring and preventive maintenance.

Vestas has an installed capacity of 225 MW in South Korea, accounting for about half of the total wind energy capacity in the country.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 55,000 wind turbines currently reduces carbon emissions by over 60 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 74 countries, providing jobs for around 19,600 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and more than 71 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

Vestas receives its first order for the new V136-3.45 MW

The order for a 117 MW wind project in Finland affirms the high expectations for the V136-3.45 MW turbine, which was launched in September 2015.

With reference to the Vestas Wind Systems A/S company announcement No. 74/2015 of 30 December 2015, Vestas has received a firm and unconditional order for 34 V136-3.45 MW turbines for the 117 MW Metsälä wind power project, which will be Finland’s largest onshore project.

The order was placed by the Finnish energy company EPV Tuulivoima Oy and includes supply and installation as well as a 10-year Active Output Management (AOM) 5000 service agreement. Delivery of the wind turbines is expected to begin in 2017.

EPV Tuulivoima Oy Managing Director Frans Liski, says “We are proud to install our biggest onshore wind park and place the first order for Vestas’ new V136-3.45 MW turbine. We have chosen the V136-3.45 MW as it will deliver increased energy output and thus provides us an optimal choice within the Metsälä project site constraints”.

The V136-3.45 MW has been very well-received after its launch, particularly in the low wind segment across several markets due to the turbine’s compelling balance between advanced technology and proven performance, enabling an increase in energy output and reduction in the cost of energy.

Klaus Steen Mortensen, President, Vestas Northern Europe, says, “It’s great news to all of Vestas that EPV Tuulivoima Oy has placed the very first order for our V136-3.45 MW turbine and that it comes only three months after the turbine was officially launched. The wind park will be the first large scale V136-3.45 MW project and underlines our customers’ confidence in Vestas’ 3 MW platform, which has already reached 7 GW of installed capacity and more than 10 GW of firm and unconditional orders worldwide”.

EPV Tuulivoima Oy purchased their first Vestas turbines in 2013 and has ordered a total of 33 V126-3.3 MW turbines on top of today’s order of 34 V136-3.45 MW turbines.

About Vestas
Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 55,000 wind turbines currently reduces carbon emissions by over 60 million tons of carbon dioxide every year, while at the same time building energy security and independence.

Vestas has delivered wind energy in 74 countries, providing jobs for around 19,600 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and more than 71 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 40 MW order in Greece

Vestas will deliver 12 V112-3.3 MW wind turbines for the Lyrkio wind farm to be located in the Greek Peloponnese region.

Vestas has received a firm and unconditional order in Greece for a wind energy project in the southern Greek region of Peloponnese. The order for 12 units of the V112-3.3 MW model was placed by Elliniki Technodomiki Anemos S.A., a Greek company specialising in the development, construction and operation of wind farms in the country.

The contract for the 40 MW Lyrkio wind project comprises supply, installation and commissioning of the wind turbines as well as a 15-year Active Output Management (AOM) 4000 service agreement, a full-scope service package to maximise uptime and performance.

Turbine delivery is scheduled for the third quarter of 2016, whilst commissioning is expected for the first quarter of 2017. The Lyrkio wind power plant will have an estimated annual production of 85 GWh, enough to cover the electricity consumption of more than 20,000 Greek households with clean energy annually.

The Greek wind market has had a low activity this year owing to the country’s economic circumstances, but with its good wind resources Greece remains an attractive market for wind energy. President of Vestas Mediterranean, Marco Graziano says, “The order from Elliniki Technodomiki Anemos S.A. reaffirms that wind energy provides a strong business case when the wind resources are right and that Greece’s wind potential is still significant. Vestas delivers wind energy solutions all over the world and we are proud to install another wind park in Greece”.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 55,700 wind turbines currently reduces carbon emissions by over 60 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 74 countries, providing jobs for around 19,600 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and close to 71 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

Vestas receives 50 MW order in China

Long-term Vestas customer Hanas Group has placed an order for 25 V110-2.0 MW turbines for a wind park in Western China.

The firm and unconditional order follows the 250 MW Hanas Group ordered in November and will take Hanas’ fleet of Vestas turbines to 900 MW.

The order for the Wanglejing Sunjialou wind park in western China’s Ningxia Hui Autonomous Region underlines the strong partnership between Vestas and Hanas Group and emphasises our shared focus on reducing the wind park’s lifetime cost of energy.

The order includes two-year Active Output Management (AOM) 4000 service contract in which Vestas guarantees a defined level of availability and performance, and a SCADA VestasOnline Business for data-driven monitoring and preventive maintenance. Delivery and commissioning are expected in the second half of 2016.

“We are pleased to place another order with Vestas and increase our portfolio of the company’s turbines to almost 1 GW. Throughout our cooperation, Vestas has proven its ability to deliver a low lifetime cost of energy, and we look forward to the Wanglejing Sunjialou wind park doing the same”, says Ma Fuqiang, President of Hanas Group.

Chris Beaufait, President of Vestas Asia Pacific and China, says “Hanas Group having ordered close to 1 GW of Vestas turbines reaffirms our companies’ shared priority to deliver highly competitive wind energy solutions. Vestas is firmly on track in China, and we are confident that our ability to drive down the cost of energy will position us well as the Chinese market increasingly focuses on lifetime costs”.

Hanas Group, headquartered in Yinchuan, capital of Ningxia, is a well-known clean energy solutions provider committed to China’s energy structure transformation. The cooperation between Vestas and Hanas started in 2011. In October 2015, the two parties signed a cooperation agreement which reiterated their common goal to reinforce mutually beneficial collaboration in the years to come.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 55,700 wind turbines currently reduces carbon emissions by over 60 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 74 countries, providing jobs for more than 19,500 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and more than 71 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

Vestas receives 110 MW order for upgraded 3 MW platform in the UK

SSE Ltd. has placed an order for the Bhlaraidh wind farm, highlighting the competitiveness of Vestas’ 3 MW platform in the UK.

With reference to Vestas Wind Systems A/S company announcement No. 72/2015 of 23 December 2015, Vestas has received a firm and unconditional order for 30 V117-3.45 MW and two V112-3.45 MW wind turbines for SSE’s 110 MW Bhlaraidh wind farm, near Invermoriston in the Great Glen region of Scotland.

The order includes delivery, installation, and a 10-year Active Output Management (AOM) 4000 service agreement. Installation is expected to begin in the fourth quarter of 2016, with commissioning scheduled for the first half of 2017.

For the Bhlaraidh wind farm, the V117-3.45 MW and V112-3.45 MW are able to deliver a very competitive Annual Energy Production (AEP) and project profitability. The proven performance of the 3 MW platform and the nominal power rating upgrade from 3.3 MW to 3.45 MW are factors that have significantly contributed to the strong business case of the project and further confirm the competitiveness of Vestas’ 3 MW platform in the UK.

“The 32 turbine Bhlaraidh wind farm is a key project in SSE’s renewable portfolio, and we are looking forward to working with Vestas as we move through the construction and operational phases of the project. The proven track record, reliability and versatility of Vestas’ 3 MW platform were some of the deciding factors in our selection process”, says Murdo McGhie, SSE’s Director of Onshore Renewables.

“We are very proud that SSE has chosen us as a partner for the Bhlaraidh Wind Farm. SSE is one of the leading renewable energy developers in the UK and Ireland, and we are pleased to see the upgraded 3.45 MW turbines becoming a part of SSE’s renewables energy portfolio”, says Klaus Steen Mortensen, President, Vestas Northern Europe.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 55,700 wind turbines currently reduces carbon emissions by over 60 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 74 countries, providing jobs for around 19,600 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and more than 71 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

Transactions in connection with share buy-back programme

Transactions made in the period 14 – 18 December 2015, completing the programme.

On 5 November 2015, Vestas initiated a share buy-back programme, ref. Company announcement No. 54/2015. The programme is implemented in accordance with the provisions of European Commission Regulation no. 2273/2003 of 22 December 2003 (the Safe Harbour Regulation). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from employee share option programmes or other allocations of shares to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 1,120 million (approximately EUR 150 million) in the period from 5 November 2015 to 31 December 2015.

The following transactions have been made under the programme during the period 14 – 18 December 2015:

MHI Vestas Offshore Wind has received a 330 MW order for an offshore project in the UK

MHI Vestas Offshore Wind has received a firm and unconditional order for 40 V164-8.0 MW turbines for the offshore Walney Extension West project in the UK, ref. company announcements No. 9/2015 of 18 February 2015 and No. 32/2015 of 11 June 2015. The 330 MW order is placed by DONG Energy, and the contract covers supply and commissioning of the wind turbines, as well as a five-year full-scope service contract.

The project will be delivered by MHI Vestas Offshore Wind and will not enter into the order backlog of Vestas Wind Systems A/S.

Vestas signs first full scope lifetime service agreement in Poland

Vestas has won a 146 MW 14-year service renewal agreement covering four Polish wind parks.

Servicing Vestas turbines, the full scope lifetime agreement is the first of its kind in the Polish market and extends the existing service agreement from six to 20 years.* Vestas will serve as the on-site service asset manager with responsibility for 24/7 surveillance, reporting to the customer, and delivery of services according to our AOM 4000 service package.

“This order demonstrates once again Vestas’ ability to tailor its traditional service offerings to match our customers’ needs, including a complete asset management solution and the first full scope lifetime service contract in Poland”, says Jan From, Vice President for Service in Vestas Northern Europe.

Vestas is the largest maintenance provider in the industry with more than 15 percent of the worldwide wind turbine fleet under service. Every day, Vestas’ more than 6,000 service employees turn 35 years of experience into tangible, value-adding service experiences for our customers around the world.

About VestasVestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 55,000 wind turbines currently reduces carbon emissions by over 60 million tons of carbon dioxide every year, while at the same time building energy security and independence.

Vestas has delivered wind energy in 74 countries, providing jobs for around 19,600 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and more than 71 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

Transactions in connection with share buy-back programme

Transactions made in the period 7 – 11 December 2015.

On 5 November 2015, Vestas initiated a share buy-back programme, ref. Company announcement No. 54/2015. The programme is implemented in accordance with the provisions of European Commission Regulation no. 2273/2003 of 22 December 2003 (the Safe Harbour Regulation). The purpose of the programme is to adjust Vestas’ capital structure and to meet the obligations arising from employee share option programmes or other allocations of shares to employees of Vestas.

Under the programme Vestas will buy back shares for an amount up to DKK 1,120 million (approximately EUR 150 million) in the period from 5 November 2015 to 31 December 2015.

The following transactions have been made under the programme during the period 7 – 11 December 2015:

The accreditation reinforces Vestas’ position in the country by fulfilling the local content rules set by the Brazilian development bank (BNDES) that qualify for the bank’s financing lines.

The state-owned Banco Nacional de Desenvolvimento Econômico e Social (BNDES) has certified that Vestas complies with the FINAME II code, the set of local manufacturing requirements established by the bank for foreign manufacturers operating in Brazil. Compliance with these rules is a prerequisite set by the BNDES to have access to the bank’s special credit lines.

Based on the local manufacturing plan agreed with BNDES in June 2014, Vestas will localise the production of its V110-2.0 MW wind turbine models as following: Aeris will produce blades; ABB will manufacture generators; and Vestas’ new factory in Aquiraz (near Fortaleza, in Ceará) will localise 70 percent of hub and nacelle manufacturing.

Vestas has been present in Brazil since 2000 and has delivered a total installed capacity of 713 MW and announced firm and unconditional orders of approximately 1 GW. So far in 2015, Vestas has announced 286 MW in new orders. Given the planned increase in manufacturing output, Vestas expects to create hundreds of direct and indirect jobs in Brazil.

About VestasEvery single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ more than 55,700 wind turbines currently reduces carbon emissions by over 60 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 74 countries, providing jobs for around 19,600 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and close to 71 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels: